KUALA LUMPUR: The allowances provided in the 2020 Budget show that the government prioritises the construction industry as one of the key drivers of the nation’s economic development, Construction Industry Development Board Malaysia (CIDB) chief executive Datuk Ahmad Asri Abdul Hamid said.
Budget 2020 saw the allocation of allowances for the development and maintenance of infrastructure and social amenities.
“This goes to show that the government prioritises the construction industry as one of the key drivers of the nation’s economic development.
“These projects will further boost the development of the construction industry, creating spillover effects across other economic sectors,” he said, here, today.
Additionally, CIDB said the RM1 billion 1:5 matching guarantee for dedicated private equity funds to invest in Malaysian consortiums would encourage the participation of more Malaysian consortiums in overseas construction projects.
“CIDB is also in full support of the government’s introduction of the #WatanKerja (Locals@Work) hiring cost equalisation programme, as a means to incentivise the shift away from dependence on low-skilled foreign workers,” it said.
Under this programme, the wage incentive for Malaysians who are hired to replace foreign workers is either RM350 or RM500 per month, depending on the sector, for a duration of two years, while the corresponding hiring incentive for employers is up to RM250 per month for two years.
“Furthermore, the government’s focus in incentivising Technical and Vocational Education and Training (TVET) apprenticeships will encourage more local youth to enter TVET courses, especially in the construction industry,” he said. – BERNAMA