The bank, he added, decided to extend the retirement age for all employees by another two years based on the feedback received.

Maybank has close to 40,000 employees with more than 400 branches nationwide; and a strong regional presence in South-East Asia as well as offices in New York and London.

It is understood that the employees will have to submit an application six months before they reached 55 if they wished to remain with the bank. (However, former employees of Phileo Allied Bank and Pacific Bank who were absorbed by Maybank after a merger exercise in 2000 still have the option to retire at 60 based on the contract of service with the two banks before the takeover. They, however, have an option to retire at 55).

On Tuesday, the National Union of Bank Employees signed a new collective agreement with the Malaysian Commercial Banks Association. NUBE represents some 45,000 clerical staff in the banking sector.

With the signing, the banking industry has become the first in the country to implement the 90-day maternity leave for its female employees. Non-management staff would also get a Cost of Living Allowance between RM100 and RM150 depending on their place of work.

Via : The Star

He was responding to the recent announcement by Deputy Human Resource Minister Datuk Maznah Mazlan that the crackdown against errant employers launched by SOCSO had resulted in a 100% increase in contribution. For record, currently, 2.25% cent of an employee’s monthly salary is paid to Socso where the employer contributes 1.75% and the employee, 0.5%.

Last year alone, RM1.8bil was collected from employers and employees but not much information was made available to the stakeholders on its operational and administrative expenses.

Human Resources Minister Datuk Dr S. Subramaniam said employers would have no excuse not to make the contributions for these workers.

“The Employment Act has been amended to stipulate who a part-time worker is. We hope employers will not plead ignorance from now on,” he told reporters after presenting spectacles to needy students here yesterday.

This means that if a regular employee puts in eight hours of work a day, those who put in between 2.5 hours and 5.5 hours qualify as part-time employees.

The number of hours can also be accumulated over several days in a week, including weekends, as long as the arrangement is agreeable to both parties.

From Oct 1, employers who hire part-time employees will be required by law to make EPF and Socso contributions.

Dr Subramaniam said the amendment was needed as there were many Malaysians who had professional qualifications and worked part-time but did not enjoy EPF and Socso coverage.

Since 2002, MCTF has attracted over half a million graduates and experienced professionals, filling out thousands of positions in hundreds of participating companies. MCTF’10 returns from 8 to 10 October 2010 at Mid Valley Exhibition Centre, Kuala Lumpur.

NOW IS THE TIME TO SNATCH UP THE TOP TALENTS. Given the tight economic situation, thousands of talents that are otherwise gainfully employed are now in the job market! As Malaysia’s most comprehensive white collar recruitment event, MCTF’10 represents the best avenue to meet top talents.

Period : Autumn Fair 8 – 10 October 2010

Venue : Mid Valley Exhibition Centre | Kuala Lumpur

Time : 10am – 7pm

Admission : FREE

My Career Fair is back again! This exhibition will be know as My Career Fair 2010, targeting about 80 – 100 companies for this fair. In short the exhibition will be a great platform for recruitment of human resources. This platform is to create a branding exercise and a recruitment drive where the right employer meeting the right employee face to face, ” unleashing opportunities” for the coming year 2011.

Therefore, ” My Career Fair 2010″ will be an ideal fair for your offcie to conduct a strong recruitment drive as well as to meet up with numerous quality candidates face to face vesiting this fair.

* Venue : PWTC, KL
* Date : 12nd – 14th November 2010
* Time : 10am – 7pm
* Organized by: My Events Sdn. Bhd
* Supported by: Ministry of Human Resources

• Event : ACCA Career Fair 2010
• Venue : Crowne Plaza Mutiara, KL
• Date : 10 July 2010 (Saturday)
• Time : 9.00 am – 6.00 pm
• Organizer : ACCA Malaysia Sdn Bhd

Many big banks, firms such as Maybank, Petronas, CIMB, Bank Islam, KPMG, DRB Hicom has confirmed their participation in this event.

Besides potential recruitment and exposure on your organisation’s services and products, many other benefits can be achieved from the event such as public awareness and attract talent.

Iskandar Malaysia Career Expo

Venue : Kompleks Pusat Bandar, Pasir Gudang
Date : 3 to 4 July 2010 (Saturday and Sunday)
Time : 10.00 am – 6.00 pm

JobsDB Career Expo 2010 will be held here in Kuala Lumpur Convention Centre, Hall 3 – 5, from 7 ~ 9 May 2010. The JobsDB Career Expo is open from 10am ~ 7pm .

JobsDB Career Expo 2010 is targeting and engaging Job Seekers directly through strategic partnerships and activities with professional bodies and associations with focus on

• IT
• Finance & Accounting
• Engineering, Banking
• Sales & Marketing Professionals

JobsDB Career Expo is powered by a proven and world-class software solution, JobsDB’s Career Expo 2010

• Is the only one in Malaysia that is 100% Paperless
• Allows seamless process from registration to job application
• Uses Simple barcode resume uploading
• Employs Easy SMS resume upload
• Renders resumes in digital format, easily classified, filtered and retrieved

It is best that you make sure you have your resume updated in JobsDB portal for easier & fast entry into JobsDB Career Expo 2010.

However, Health Minister Datuk Seri Liow Tiong Lai said the new ruling would only be applicable to those who had self-funded their own medical studies.

The new ruling, aimed at attracting talented Malaysian overseas to return home, would not be applicable to those whose medical studies had been sponsored by the Government.

He told reporters this after launching the Health Tourism Congress at the KLCC convention centre here on Monday.

Book you calendar now and don’t miss this great event.

As one of the best airlines in the world, Malaysia Airlines is currently searching for dedicated and talented personnel to join the team in the quest for aviation and travel excellence. If you love a challenging and exciting career, come and be part of their Cadet Pilots

Job Description

• Malaysian citizen, age between 18 to 26 years old (as at date of application)
• Pass SPM or its equivalent qualification recognized by Malaysian Government with six (6) credits including Bahasa Malaysia and a minimum of B4 in Mathematics, Physics and English taken in one sitting.
• Or
• Possess Diploma / Degree in Engineering or Science related disciplines with minimum CGPA 3.0 or above and six (6) credits with pass in Bahasa Malaysia in SPM taken in one sitting.
• Good command of Bahasa Malaysia and English both written and spoken
• Must be physically and mentally fit with good eyesight (visual acuity of at least 6/60 without optical aid, correctable to 6/6) and not colour blind.
• Minimum height 163 cm (5ft 4in).
• Successful candidates will be required to sign a bond with MAS -

For details, please visit Monster. Please observe the dateline is 17 April 2010.

Requirement

• Malaysian citizens below 26 years old
• Degree in Petroleum, Chemical, Mechanical Engineering or Geology from a recognised university
• Minimum CGPA of 3.0
• Active in extra-curricular activities
• Strong leadership & interpersonal skills
• Fluent in both spoken & written english

The programme

• The objective is to develop a pool young talent to be employed as Junior Engineers in the Company
• Candidates shall have the opportunity to experience offshore working environment

The 52 weeks training programme shall cover :

• formal classess : technical & soft skills
• On the Job Training
• Coaching & mentoring
• Executive Team Development Programme

Interested candidates are invited to submit a detailed resume, result transcripts, together with a recent photograph via email to cv_gt@murphyoilcorp.com

• Finance
• Human Resources
• Marketing
• Operations
• Sales
• Corporate Affairs
• Information Services

Programme Objectives

• Trainees will be assigned to the program for a period of 18 months, depending on professional experience, learning progress, performance assessment and resourcefulness while in the company
• The trainee will be assigned specific roles in the identified functions to gain exposure and increase business knowledge

Requirements

• Minimum Second Class upper from a reputable academic institution
• Less than 1 year professional working experience. Fresh graduate are encourage to apply
• Must possess excellent written and verbal communication skills in English and high computer literacy including MS Office Applications
• Able to generate creative ideas that can build a competitive advantage
• Must be driven by results
• Excellent record of extra-curricular achievements
• Confident, independent and able to assume a leadership role

If interested, please email your resume by 16 April 2010 to HRMalaysia @pmintl.com

Thir article written By EUGENE MAHALINGAM eugenicz@thestar.com.my

Invest ahead to generate extra money after retirement.

WHEN I was growing up, I aspired to join the Government. The main reason so was that I could be eligible for a pension scheme. This came from the fact that my parents were both civil servants and they got to enjoy the benefits of a pension when they retired. They still do.

While it’s not much, it’s comforting for them that at their age, they would continue to have an income for as long as they lived. I wanted to be able to look forward to that as well.

Alas, fate – or was it free will? – had a hand to play in my career choice and I ended up taking a job in the private sector. Seeing as I’m having fun doing what I do, I don’t see myself switching careers any time soon. So there goes my plan of getting a pension.

Time to switch to Plan B, namely, the Employees Provident Fund (EPF). It is intended to help employees from both private and non-pensionable public sectors save a fraction of their salaries in a contribution scheme. The contributions are invested to generate income and the funds in the contributors’ accounts are to be used in the event that the employee is temporarily or no longer fit to work.

It primarily applies to retirement, but sickness, disabilities or unemployment are also covered. The EPF also provides a framework for employers to meet their obligations to employees.

As a retirement plan, money accumulated in EPF savings can only be withdrawn when members turn 50, during which they may withdraw only 30% of their balance. Members who are 55 or older may withdraw the entire sum.

Recently, the EPF board declared a dividend of 5.65% for the financial year ended Dec 31, 2009, up 115 basis points over the 4.5% paid for 2008.

According to Fundsupermart.com Malaysia, over the past five years, EPF has been distributing an average annual dividend of 5%. The average real dividend rate for the past five years was 1.7%, after reflecting an average inflation rate of 3.4%.

With that, the important question to ask is: Will the savings from our EPF be enough to sustain us in our retirement years?

Expert advice

In his Personal Investing column, “Enough money for retirement?” last year, MRR Consulting investment adviser and managing partner Ooi Kok Hwa says as the average Malaysian lived to about 75, those who retire at 55 would need to manage their EPF savings for 20 years. But most retirees spend all their EPF money within three years of retirement, he claims.

Ooi provides a breakdown of how a retiree can manage his EPF savings for 20 years.

“We will assume a starting pay of RM1,500, growing at the rate of 8% per annum; an average bonus of two months per annum, average EPF returns of 5%, total EPF contribution of 23% (employer: 12%, employee: 11%) and inflation rate of 3%.

“Our analysis shows that if we are able to live with just one-third (or 33%) of our last drawn salary, the EPF money should be able to support us for 20 years until we pass away at 75.”

According to Ooi, if a person’s last drawn salary is RM13,976 at 55, he can only afford to spend one-third or RM4,612 per month after retirement (1/3 x RM13,976).

He stresses, however, that the computation was based on the assumption that a person would still be able to generate 5% returns after retirement.

“Everyone has different financial situations. If possible, we need to build our own investment portfolio apart from the EPF savings. We may need to seek some part-time jobs after retirement if our financial resources do not permit us to stop working,” he wrote.

“Besides, we need to clear all our outstanding debts before retirement. We also need to buy enough life and medical insurance for ourselves as well as set up education funds for our children.”

Financial planner Wilson Low says a person who’s concerned about his or her future financial well-being has one clear option – invest.

“Anyone who’s worried about not having enough money in their old age should do something about it, to make sure that you do have money to sustain you when you’re old and not working any more,” he adds.

“The obvious thing to do is to invest in something that can help generate an income for you when you’re older. There are various investment avenues out there and with proper planning and research, financial independence is not an impossibility.”

The dividend rate was declared on the back of the highest ever net income achieved of RM19.63bil, an increase of 34.82% from the RM14.56bil recorded in the previous year.

“2009 was a significant year for the EPF as it rode out the impact of the global financial crisis.

“While the EPF continues to be challenged by the fragile economic environment, our investments nonetheless delivered a sound performance for the year,” chairman Tan Sri Samsudin Osman said in a statement yesterday.

During the year under review, 72.53% of total invest ment was devoted to fixed income instruments in line with EPF’s prudent approach, while 27.05% was in equities and the remainder in property.

As of Dec 31, 2009, EPF’s investment portfolio grew 8.55% or RM29.25bil to RM371.26bil from RM342.01bil in 2008.

On prospects for next year, Samsudin said it would be “greatly dependent on the economic performance of the country and internationally.”

He said globally, financial markets continued to be volatile and this might have an impact on the price performance of EPF’s investments and future income.

“We will continue to focus on our key goals of preserving the capital of our contributors and ensuring a satisfactory real rate of return,” he added. — Bernama