Why increase salary when the economy is sluggish?

Prime Minister Datuk Seri Anwar Ibrahim’s announcement on the 13% pay hike for civil servants is headlines in China Press.

Nanyang Daily meanwhile led with a report that debut of Employment Provident Fund’s third account debut and civil service pay hike would boost domestic spending.

Microsoft’s announcement that it would invest RM10.5 billion in the next four years is on the front page of Sin Chew Daily.

An allocation of RM30 million have been allocated for the Malaysian Indian Skills Initiative. The initiative would be subsidise training programmes for the Indian community, Kwong Wah Daily reported.

Health Minister Datuk Seri Dzulkefly Ahmad demanding AstraZeneca’s explanation over the possibility of the vaccine triggering a fatal blood clotting disorder is headlines in Guang Ming.

Editorial

Sin Chew Daily questioned the timing to announce the 13 percent salary increase for civil servants given that Malaysia is facing a sluggish domestic economy and weakened Ringgit. 

QSR Brands, the company behind KFC, plans to close over 100 KFC outlets temporarily due to economic challenges. While its management hasn’t confirmed if recent boycotts affected sales, Nanyang Daily suggests they were a factor.

Originally slated to go public this year, QSR’s plans were disrupted with the closure of KFC outlets, QSR cited economic challenges. According to Nanyang Daily, previously Johor Corporation and CVC Capital Partner had privatised QSR, with Johor Corporation retaining majority ownership. In the deal CVC was represented by a company named Melati Asia Holdings Ltd

Interestingly, Melati Asia Holdings Ltd was a joint venture with the Employees Provident Fund, holds a significant stake in QSR.

Nanyang Daily implied that the temporary closure of KFC outlets could harm EPF members. Many of these members are likely struggling to comprehend and feeling infuriated by the irrational and blind actions of the boycotters, which undermine their own retirement plans.

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