Page 371 - Westport Guide To Malaysia

THE GUIDE TO MALAYSIA 363
to emphasise efforts to further reduce crime by strengthening all security agencies.
A Young & Productive Workforce
Malaysia is a relatively young country, with 69.6% of the population between the ages of 15 to 64 years of age (2021).
Young Malaysians who enter the labour market have undergone at least 11 years of education up to secondary school level.
Unemployment is low at 4.3% of the total labour force of 16.3 million as of November 2021. However, to ensure that all sectors of the economy can access the necessary
human resources and
skill sets, immigration laws allow recruitment
of essential labour from overseas. Foreign workers and expatriates currently amount to 7.34 million.
To cater to the knowledge economy and skill-intensive industries and service, the Government is working closely with the private sector to develop best practices in education
from nursery right up to university. After completing secondary school, there
are 20 public universities, 47 private universities, 34 private university colleges, 10 foreign university branch campuses, 22 polytechnics, 37 community colleges and about 500 private colleges
to choose from. As a result, there are 5.36 million graduates in Malaysia and over 250,000 degree or diploma holders enter the workforce every year.
Malaysia's labour laws uphold the interests and spell out the rights and responsibilities of both employers and employees. Industrial relations are generally harmonious, and trade disputes and strikes are rare. A minimum wage law for private sector employees establishes basic compensation
for workers, and due to Malaysia's relatively low cost of living and modest wage inflation, payroll costs can be attractive to prospective Investors.
A bulwark against global terrorism. Attendees at the “Cross Regional Workshop for South and Southeast Asia on Strengthening National and Regional Legal Frameworks and Networks for Preventing and Countering Violent Extremism Leading to Terrorism” 2018, in which 25 nations participated.