Monday, February 25, 2013

Pakatan pledges economic reform from elite to rakyat

SHAH ALAM (Feb 25): Pakatan Rakyat today unveiled its election manifesto with promises to reshape the Malaysian economy from one dominated by the elite to a more equitable economy for the people.
In presenting the manifesto's economic plans, PKR strategy director Rafizi Ramli said the federal opposition's will broadly seek to end unfair economic practices and place more disposable income in the hands of working Malaysians.
"Malaysia's economic approach will be changed toward improving the people's income regardless of race instead of aiming for 30% corporate equity ownership," Rafizi said alluding to the aims of the New Economic Model of the 1970s.
The manifesto promises include:
* Each Malaysian household will have a monthly take-home income of at least RM4,000 to reduce income disparity. This will be implemented within the first term of Pakatan rule;
* A package to create one million new job opportunities for Malaysians and progressively reduce foreign workers in sectors like plantation, construction and service industry;
* Minimum wage of RM1,100 per month compared with the current RM900 for Peninsular Malaysia and RM800 for East Malaysia;
* The creation of a RM2 billion Minimum Wage Implementation Facilitation Fund to provide automation incentives and implementation grants to help small and medium enterprises deal with onset of minimum wage;
* Income tax band will be broadened so that only those whose income exceeds RM400,000 will be taxed the maximum rate of 26%, compared with the present rate for those earning RM250,000 annually;
* Allocation of RM500 million for military veterans to participate in entrepreneurial activities, increase government contribution to the Lembaga Tabung Angkatan Tentera (LTAT) savings fund.
More to follow


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