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KUALA LUMPUR: Malaysians consider financial aid, talent growth and fighting the black market to be the most important measures to safeguard jobs and revitalize the economy after the Covid-19 pandemic.
In a recent study by leading market research firm Green Zebras, Malaysians say the government should provide more financial aid to employees (74%) and employers (59%), as well as talent training for workers (51%), which may have been lowered
Interestingly, most Malaysians also deemed it important to counter the black market as a key solution to safeguard jobs at this crucial time, with 58% saying they believe the government should ensure that illegal activities cannot flourish.
In the same spirit, 47% of Malaysians also believe that companies must be protected from criminal activity at this critical time, to create more jobs.
“Clearly, job security is the most important thing for most adults working in Malaysia today. This survey was conducted to understand how Malaysians feel about their jobs today and what they suggest the government should do to safeguard jobs as we move into the new normal, “said Steve Murphy, Managing Director and Co-Founder of Green Zebras Sdn Bhd,.
The proposed measures offered by respondents emerged from a bleak job outlook.
According to the survey, 52% of all respondents believe that unemployment will increase significantly, while 37% say it will increase somewhat. Only 5% say unemployment levels will remain the same, while 6% say it will decrease after the Conditional Movement Control (CMCO) order ends.
Additionally, 28% of all respondents say they now receive a lower salary, while 13% have been left without a job due to the pandemic. Another 9% of respondents say that there is currently a high level of uncertainty in their current job and that they will likely see a reduced salary or job loss soon. Only 34% say their wages remain the same, while 2% say their wages have increased. The remaining respondents (14%) were not currently in the labor market.
“Focusing on the black economy or black market while focusing our efforts to end this burden on the economy can reverse the decline in work and facilitate economic recovery,” Datuk Fazli Nordin, Managing Director of the Malaysian Chapter for Retail Trade and Trademarks (RTBA Malaysia).
According to a 2019 report published by the Transnational Alliance to Combat Illicit Trade and the United Nations Conference on Trade and Development, economic leaks in all sectors susceptible to illegal trade create an annual loss in the economy of US $ 2.2 billion (RM8.7 billion). The report also indicated that illegal and unfair competition reduces sales and reduces the ability of legitimate companies to create decent and lasting job opportunities.
“In Malaysia, the underground economy is estimated at RM300 billion. Making up for this significant loss of income can certainly finance much-needed financial help for companies and employees and invest in talent development. Also, by reducing the black market, companies compete on a level playing field that can accelerate Malaysia into a high-income nation, “Fazli said in the Green Zebras poll.
“The Malaysian government can very quickly address the endemic black market problem with rigorous enforcement in conjunction with the overhaul of taxes and excise duties to close the price gap between legitimate and illegal products,” he added.
The Green Zebras Job Perception Survey was conducted online in May 2020 in both Peninsular Malaysia and East Malaysia and is nationally representative of the general population by location, gender, race and age.
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