The Financial Services Industry is a key driver of the Malaysian economy, and would be one of the main industries to push the country towards its aspirations of becoming a developed nation by the year 2020.
To achieve this objective, it will take a coordinated and concerted effort by employers, investors, the Government, bank workers and the Malaysian public at large. A balance has to be sought and regrettably the pendulum has now swung almost exclusively towards the employer and the investor.
Without workers and the support of the larger Malaysian society, sustained success will not be achieved. The Banks are now having a free hand in breaking through every barrier in place to protect the Malaysian public and workers. There is a very proud tradition now being created in Union-busting.
The Ministry of Finance seems to be very lax in allowing a foreign influence which is perpetrated by greed to overwhelm the financial services industry – at the expense of Malaysians. This is an anti-thesis of any proper development in any nation building exercise.
Blanket approvals by Bank Negara Malaysia in outsourcing are causing havoc in the industry as well as loosening the safeguards and security which the Malaysian public had been afforded in the past. A perusal of BNM Guidelines on outsourcing of Banking Operations dated 14th April 2000 discloses that our authorities have completely disregarded the security of tenure and right to livelihood of our citizens.
The transfer of work to subsidiaries, hid underneath the separate legal entity concept, is aimed at depressing wages and benefits of workers in the country. It’s now a race to the bottom, spearheaded by foreign-owned corporations.
The Ministry of Finance and the Government should take heed of the policy of strong nation obtaining control over a weaker population through economic pressure that is being practiced by foreign firms, where local corporations are also riding on with short-term and biased views.
NUBE has written to MOF to convene a tripartite body consisting of MOF, Bank employers and banking industry trade unions so that Bank Unions would be able to voice the workers’ interest and that of the Malaysian public for the development of this nation to be balanced. This would be in the proper and true spirit of 1Malaysia.
One for all & All for One
J Solomon
General Secretary