Budget 2024 Over 1 5m Training Placements For Skills Improvement

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The skills improvement and reskilling initiatives tabled under Budget 2024 will be implemented through the allocation of RM1.6 billion for 1.7 million training placements, said the Human Resources Ministry.
In a statement today, the ministry stated that the initiative would be implemented through the Human Resource Development Corporation (HRD Corp), which is committed to boosting human capital through skills improvement and re-skilling initiatives.
HRD Corp will also carry out the Madani Training Programme through the creation of special funds.
It includes, among others, the reallocation of 15 percent of part of the employer's levy contribution that is not used by employers according to the period set by HRD Corp as provided by the Human Resources Development Act Berhad 2001, he said.
"This special fund will be used to support micro, small and medium enterprises (MSMEs) as well as assist vulnerable groups like former convicts, people with disabilities, the elderly and retirees,” it said.
Yesterday, Prime Minister Anwar Ibrahim, who is also the finance minister, tabled the budget themed “Reformasi Ekonomi Memperkasa Rakyat” (Economic Reforms, Empowering People) amounting to RM393.8 billion, the highest in the country's history.
Meanwhile, the ministry said that the RM180 million allocated to the Skills Development Fund Corporation, under the Technical and Vocational Education Training (TVET) Fund, would provide education loans to 12,000 trainees undergoing skills certification programmes.
A total of RM20 million was also specially allocated for trainees in maritime, arts at the National Academy of Arts, Culture and Heritage (Aswara) and maintenance, repairs and upgrading of the aerospace sectors.
The ministry said that through the Social Security Organisation (Socso), it received over RM200 million to strengthen the social protection network and drive the labour market.
The allocation of funds from Budget 2024 is, among others, for the implementation of six initiatives.
It includes the introduction of two new initiatives to facilitate the integration of target groups into the public sector and the increase of the insured salary ceiling from RM5,000 to a new level of RM6,000 for the Employees’ Social Security Act 1969 (Act 4) as well as the Employment Insurance System Act 2017 (Act 800).
"Raising the insured salary ceiling to a new level will take effect after the amendment to the two provisions of the act and, thus, is expected to increase cash benefits by 20.2 percent for 1.45 million workers and their dependents in the event of a work disaster, disability, death or loss of employment,” it said.
Hiring ex-convicts, elderly
The ministry said the policy of hiring one percent of persons with disabilities will be expanded to ex-convicts and the elderly to be implemented in various ministries, government-linked investment companies (GLIC) and GLCs, as well as the government's strategic partners, it added.
Under Budget 2024, the ministry said an allocation of RM70 million is provided to curb the shortage of local talent and skills mismatch through the implementation of the Academy in Industry (AIL) programme, which provides on-the-job skills for a period of 18 months.
"A total of RM17 million is also provided for the implementation of Tahfiz TVET, which will open up opportunities for students to diversify their skills while continuing their Quran memorisation studies,” it said.
- Bernama

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