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Budget 2015: Moving Malaysia Forward Through Human Capital

Kuala Lumpur, 10 October, 2014 – IDEAS is happy that Prime Minister Dato’ Sri Najib Tun Abdul Razak in his Budget 2015 announcement has highlighted the importance of developing human capital for the economic success of Malaysia.

We are delighted that more emphasis is being placed on vocational and technical education in order to meet the increasing demand for jobs in this area. We hope that the 10,000 places bought in technical and vocational private colleges will benefit those from the bottom 40 percent. It is encouraging to see that RM 30 million will be allocated to youth from low-income families to train them in technical education, a move that could bring up the average household income of these families.

However, we are worried that expenditure on tertiary education will not be spent effectively. While it is important that graduates are upskilled in order to qualify them for entry level jobs, it continues to be worrying that thousands of graduates are leaving universities unable to find gainful employment. We believe that instead of merely putting in more money, there is an urgent need to enhance the quality and autonomy of public universities so that they can produce better quality graduates.  If done properly, we will not need stop-gap measures such as Skim Latihan 1Malaysia.

 

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About IDEAS

IDEAS is Malaysia’s first think-tank dedicated to promoting market-based solutions to public policy challenges. We are an independent not-for-profit organisation. As a cross-partisan think tank, we work across the political spectrum. Our purpose is to advance market-based principles, and we are not bound by party politics, race or religion.

 

Our mission is to improve the level of understanding and acceptance of public policies based on the principles of rule of law, limited government, free markets and free individuals. For more information, please visit http://ideas.org.my/

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