New foreign worker levy rule weighs on manufacturers


PETALING JAYA: Rubber gloves and manufacturing players are expecting a hit to their earnings following a ruling that they are now fully accountable for their foreign workers’ levy.

CIMB Research said in a report it was expecting a net negative impact of between 1% and 3% for glove companies, due to the high dependency on foreign labour within the glove industry.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Wall St poised for weak open as rate worries keep Treasury yields elevated
Poh Kong's net profit tumbles 83% in 4Q
Ringgit ends easier against US dollar, stronger versus other major currencies
FGV names Rastam Mohd Isa as new chairman
Samaiden and Meta Bright collaborate to advance clean energy initiatives within APAC
Tomei units get pawnbroking, money lending license
VS Industry expects sustained sales growth after 86% profit surge
Ecoscience gets RM38mil construction job
Aeon Credit stays vigilant amid economic challenges
SNS Network upbeat on ICT industry growth

Others Also Read