Illustrative image (Source: https://www.theedgemarkets.com) Kuala Lumpur (VNA) - The monthly minimum wage in Malaysia will be raised to 1,200 RM (290 USD), starting January 2020, in order to improve the people’s living standards. Malaysian Finance Minister Lim Guan Eng made the announcement when tabling the country’s Budget 2020 at the Parliament on October 11. Lim stressed that the Pakatan Harapan (PH)-led government will also make compulsory overtime pay for workers who earn 4,000 RM per month and below. Malaysia has applied a minimum wage of 1,100 RM per month since January 2019. Lim said the government will also review the Employment Act 1955 in order to increase maternity leave from 60 days to 90 days effective in 2021, and extend the eligibility to overtime from those earning less 2,000 RM to those earning less than 4,000 RM per month. The Budget 2020 is one of the key issues discussed during the 3rd session of the ongoing 14th Parliament sitting, which opened on … [Read more...] about Malaysia plans to raise monthly minimum wage in 2020
California minimum wage increase
The GSO attributed high demands for food, food service, public transport, and tourism in the first two months of 2019, adjusted power prices, higher healthcare costs, elevated educational fees, minimum wage increases to the growth in average CPI growth rate in the first nine months. On the other hand, in the January-September period, petro prices were adjusted 18 times including six price increases, eight price reductions, and four times when the costs were stabilized. Accordingly, petro prices dropped 3.46% against the same period in 2018, serving to reduce CPI by 0.14%. In September only, CPI saw a month-on-month increase of 0.32% and a year-on-year growth of 1.98%, up 2.2% against last December. In the first nine months, CPI picked up 2.5% against the same period last year. In Q3, CPI experienced a year-on-year growth of 2.23%. In the ninth month, eight out of 11 groups of goods and services witnessed higher prices including … [Read more...] about GSO projects 3% CPI growth rate for 2019
New foreign investment regulations will have a positive impact on foreign investors in Vietnam for the foreseeable future. Lawyers at Yingke Vietnam, a subsidiary of Yingke Global, have been quite busy helping major foreign clients seeking investment opportunities in Vietnam. Mr. Tony Hieu, Legal Manager at the company, told VET that a mere five months into its practice, the company plans to recruit more highly-specialized employees to meet the increasing workload. “In addition to the move towards relocating production facilities to Vietnam, the country has also been active in signing bilateral and multilateral trade agreements in recent times that made its business environment more attractive to many foreign investors,” he explained. Thirty-three China-based manufacturers have moved to Vietnam since June, preferring the country over Indonesia. Trade tensions affect export-oriented manufacturing sectors the most, so investors naturally head to places that are also … [Read more...] about Clearing the path for foreign investors in Vietnam
Poland's governing right-wing party topped Sunday's general election. — AFP/VNA Photo WARSAW — Poland's governing right-wing party topped Sunday's general election, an exit poll showed, expanding its majority thanks to a raft of welfare measures coupled with attacks on LGBT rights and Western values. The Law and Justice party (PiS) scored 43.6 per cent of the vote for 239 seats, outpacing the centrist Civic Coalition (KO) opposition with 27.4 per cent support (131 seats) and a leftist coalition that took 12.4 per cent (46 seats), according to an Ipsos poll including partial official results published early Monday. "We have four years of hard work ahead. Poland must change more and it must change for the better," said PiS leader Jaroslaw Kaczynski, whose party controlled 231 seats in the 460-seat lower house of parliament up to now. "We deserve more," he said, referring to the projections which suggest PiS falls well short of the 307 seats required to change the … [Read more...] about Populists top Poland vote, expand majority on welfare, family values ticket
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?