KUALA LUMPUR (Oct 11): The federal government’s plan to additional strengthen the nation’s fintech insurance policies should additionally deal with what is going to occur to staff who’re prone to dropping their jobs within the course of, stated the Nationwide Union of Bank Workers (NUBE).
NUBE stated it doesn’t oppose the advances in know-how, reminiscent of synthetic intelligence, automation and robotics, that are remodeling workplaces as they create new jobs. Nevertheless, it famous that those that lose their jobs on this transition may be the least outfitted to grab new alternatives that may come up.
“They place great strain on staff, and that is largely as a result of many employers fail to arrange their staff for this transformation.
“It should be famous that the federal government doesn’t downsize its workforce regardless of going digital with lots of its providers and operations. As such, our leaders and Bank Negara Malaysa (BNM) should not condone banks which lay off their staff, particularly these within the B40 and M40,” the union stated in a press release right now.
Deputy Finance Minister Mohd Shahar Abdullah just lately stated the evaluate of the insurance policies would contain addressing the know-how hole between generations in addition to small- and medium-sized enterprises’ readiness to undertake digital monetary providers.
“NUBE regrets that neither Mohd Shahar nor the federal government or BNM has introduced any complete coverage to guard the job safety and livelihood of staff within the banking and the monetary providers sector as Malaysia embarks on extra sturdy insurance policies to develop the usage of fintech in boosting the digitial financial system,” it stated.
Citing statistics by the Malaysian Employers Federation, NUBE stated about 18,000 folks from the banking line have misplaced their jobs as a result of introduction of disruptive know-how, after extra banks adopted on-line transactions.
As such, bank staff more and more fear that the aggressive insurance policies to develop fintech-based providers in Malaysia will convey in regards to the onset of the collapse of banking jobs if BNM doesn’t put in place obligatory legal guidelines to compel banks to upskill their staff, stated NUBE.
It stated that whereas some banks have stored their pledge to supply obligatory upskilling and retraining to make sure staff should not made redundant by automation or digitalisation, others have merely abolished sure jobs and laid off their staff, on account of automation and digitalisation.
“NUBE urges the federal government and BNM to exhort employers to supply staff acceptable coaching to make sure steady expertise adaptation, as an alternative of providing VSS or worse nonetheless, retrenchment. To ensure that folks to maintain up, adapt, and work alongside successfully with evolving applied sciences, they are going to require a really completely different set of expertise,” it stated.