The Malaysian Insight

BANK workers will not lose their jobs as Malaysia gradually moves towards a cashless society, Human Resources Minister M. Kula Segaran said.

He said changes in technology would make banking easier and work for bank employees better.

“Loss of jobs at banks won’t happen. You may be working better (in that environment),” he said at an employment law forum in Penang this morning.

Kula Segaran said this in answer to a question from a National Union of Banking Employees’ (NUBE) representative, who had wanted to know if bank workers would lose their jobs in a cashless society.

The NUBE rep cited a recent report quoting Prime Minister Dr Mahathir Mohamad as saying that going cashless would curb corruption.

Kula Segaran said Dr Mahathir had, in a conversation with Indian Prime Minister Narendra Modi, heard about how India was dealing with corruption with its cashless system, and had been amazed by it.

Under Modi’s “Digital India” initiative, the government invalidated 86% of cash in circulation. 

Also, through its Aadhaar identification programme, data, such as thumbprints and eye scans, were collected from every citizen to create a database of the people’s digital footprint for facilities such as their bank accounts, mobile phone numbers, income tax records and voter registration. 

The programme has allowed the Indian government to curb identity fraud and welfare corruption.

Kula Segaran said adopting a system like India’s Aadhaar could help the government ensure that subsidies only benefitted target groups.

He said such a system might be used to implement targetted subsidies, citing Putrajaya’s plan to subsidise RON95 petrol for the Bottom 40 group next year.

“If it can work in India, where the people don’t have identity cards, there’s no reason why it can’t work here,” he said.

Kula Segaran said the Industrial Revolution 4.0 would still require workers.

“IR 4.0 is generally automation, artificial intelligence, digital economy and general improvement. Like the phones we use now. Thirty years ago, we didn’t have them.

“But with that also, more people are being employed. When the internet came about, we were fearful. I had feared many would be unemployed, but many are still employed.

“We cannot fight technology. We have to go along with it. Even banks and ministers.”

Earlier, Kula Segaran also said the government would focus on technical and vocational education and training (TVET).

“We have many youth unemployment cases. It is hovering at around 10% to 11%, although national unemployment is at 3.4%. It means there are still jobs out there for those who want to work.

“But we have to focus on youth unemployment. So, we hope all TVET institutions nationwide will be a backbone in pushing for better development in the country,” he said.

During the forum, Kula Segaran also briefed stakeholders on law amendments and reforms undertaken by the present administration.

He said he had just received the skeletal interim report from the independent committee on foreign workers yesterday, but did not elaborate on its contents.

“The report covers 38 issues on foreign workers, overtime, employers not paying Social Security Organisation (Socso)  or Employees Provident Fund (EPF), maternity and paternity leave, union registrations and others that are faced nationwide, from Kangar to Sandakan.”

The minister also said that on December 17, his ministry would come up with a plan to ensure foreign workers returned to their countries after finishing their contracts in Malaysia to curb overstaying. – December 6, 2018.