Name : Khairee bin Mohd Ramlee

Asyrul bin Mohd Nasir

Matrix No : 2015679716
2015294554

Name : Muhammad
Matrix No :

Economic Policy On Human Resource: Managing And Retaining Talent

Malaysia has achieved significant economic and social progress over the past several
decades. However, the world economy is changing, and Malaysia needs a fundamentally new
economic model in order to become a high-income nation and one of the solution plan is by
managing and retaining talent.
The 10th Malaysia Plan highlighted that government is concerned with developing
new talent. The plan is focused on creating more job and maintain full employment for
country talent. There are several current brain drain problem that has been identified. One of
the problem is where the country does not have enough talent to run the country. The main
reason for this problem is less salary, lack of career prospect and more career opportunity in
another country.
Due to this brain drain issue, the government has come up with a solution plan. The
first plan is by establishing the Talent Corporation. The main function of Talent Corporation
is to bring back our talent back to Malaysia. They will target interested broad local talent that
wants to come back to Malaysia. It includes a wider range of occupation, such as doctor,
lawyer and business.
The government is also developing HRDC with the aims of improving talent quality.
Other than that, REP and RPT is also developed. The purpose of REP and RPT is to provide
jobs for local talent and foreign local talent.Immigration regulation is a private sector that is
responsible to ensure that government can reduce foreign talent. By having this regulation
Malaysia can reduce the risk of losing local talent to foreign country easily.
Employees Provident Funt (EPF) is a compulsory savings scheme which in Malaysia,
the employer need to contribute several percentages of fund to its employee savings. This
fund will be contributed to the EPF body, for example retirement scheme. EPF is trusted to
give back the retirement scheme to the contributor after they retired.Personal Income Tax is
imposed on the labor market. It is one of the steps to attract and retain talent would be in
reducing the personal income tax rates.
Another plan to attract foreign local talent is by imposing SOCSO. SOCSO provide
cash and medical benefit to the employee. Company or employer need to contribute a certain
amount of money for SOCSO.

Name : Khairee bin Mohd Ramlee

Asyrul bin Mohd Nasir
Matrix No : 2015679716
2015294554

Name : Muhammad
Matrix No :

In conclusion, Malaysia government needs to plan an aggressive method to attract our

local talent that is currently working in a foreign country to work at local.