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Megatrends are global, sustained and macroeconomic forces of development that impacts business, economy, society, cultures and personal lives thereby defining our future world and its increasing pace of change. Goods, capital and labour are now travelling globally at an ever faster pace and not in the usual patterns. Technological innovation is re-shaping commerce and industry across all sectors, as well as the work and lifestyle of the people. These changes are imminent at the national level and will reshape businesses through the way they think and operate.

Wednesday, 12 September 2018 10:12

"HALAL INDUSTRY: WHAT'S IN IT FOR SMEs?"

Halal at a Glance

Halal is an Arabic word meaning permitted or lawful.

The opposite of halal is haram, which means prohibited or unlawful. Halal and haram are universal terms that apply to all facets of life. Both terms are commonly used in relation to all food products in any form, meat products and its by-products, consumer good including cosmetics, personal care products, pharmaceuticals, and food contact materials and abattoirs. The terms may also be used in the process of trade or commerce as an aspect of trading or part of an aspect of trading for the referred food. They are also applicable to activities in the services sector.

Tuesday, 14 August 2018 10:01

Business Ethics for Malaysian Companies

Business ethics are a set of moral values and corporate standards of conduct in any business organisation. Business ethics are demonstrated both as written and unwritten codes of moral standards that are critical to the current activities and future aspirations of a business organisation.

In simpler terms, business ethics basically represent the organisation's codes of corporate governance. It requires the morality standards and behavioural patterns expected of the individuals and business as a whole. Business ethics is more than just a concept used to enhance the image of a corporation; ethics are the very foundation of success which should be applied from the very beginning a firm starts its operation......

Friday, 10 August 2018 08:19

Employment Insurance Scheme(EIS)

What is EIS?

Employment Insurance Scheme (EIS) is a newly-created insurance scheme under the Employment Insurance System Act 2017. The insurance scheme is administered by Pertubuhan Keselamatan Sosial (PERKESO) and will provide immediate (seven days upon confirmation of loss of employment) financial relief for a period of up to six months to workers in the private sector who are retrenched.

The implementation of EIS began in January 2018 and is compulsory to all private sector organisations with employees between the ages of 18 – 60.  Claims for this scheme however can only be made from the year 2019 onwards.

Under the scheme, retrenched workers will be given a portion of the insured salary from the 0.4% monthly contribution which is equally contributed at 0.2% each by both employers and employees. The maximum eligible monthly salary contribution is capped at RM4,000; therefore if a contributor earns more than RM4,000 a month, the contribution is still fixed at 0.4% of RM4,000

 Those affected will also be entitled to a number of benefits covered under the scheme such as:

       i.        Job hunting assistance and counselling

   ii.    Early Re-employment allowance

  iii.    Reduced income allowance

  iv.    Training allowance and payment of training fees

 

The scheme is not applicable under the following circumstances:

  i. Voluntary resignation by an insured person

 ii. Expiry of service contract of an insured person

iii. Termination of service contract on mutual agreement between both employers and insured persons without terms and conditions

iv. Completion of work by service contract

 v. Retirement of an insured person

vi. The termination of the insured person's service contract is due to misconduct.

 

All organisations and companies with one or more employees are compelled under this ruling. Failing which, employers may be penalised with a fine not exceeding RM10,000 or imprisonment for a term no more than two years, or both, upon conviction.

Therefore on top of the existing EPF and SOCSO contribution, EIS is another form of enforced contribution meant to safeguard the interest of workers nationwide.

 

Further information on the mechanism and the implementation of Employee Insurance Scheme (EIS) is available at Click here

Source of Article:

1. Perkeso. January 2018.Frequently Asked Questions Sistem Insurans Pekerjaan.Click here 

2. Perkeso. December 2017. Sistem Insurans Pekerjaan (SIP) Taklimat Awal Pelaksanaan SIP. Click here

 

 

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