SL1M eyes 100 participating firms by year-end

Source From (The Malay Mail): http://www.mmail.com.my/story/sl1m-eyes-100-participating-firms-year-end

Published: on 30 May 2012

by Bernama

Location: 

MALACCA 

ABOUT 100 companies are expected to participate in the Skim Latihan 1Malaysia (SL1M) by year-end with the announcement of double tax deductions by Prime Minister Datuk Seri Najib Razak today.

Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop said 49 firms, mainly government-linked companies (GLCs), are already in the scheme, and the incentives would encourage more firms to join in the initiative, which enhances the employability of Malaysian graduates with soft skills training and on-the-job placements.

Out of 90,000 graduates in the country, some 20,000 are jobless or underemployed, he said.

"For every RM1 spent by a company under the SL1M, it will get a RM2 tax deduction," he told reporters after a graduation ceremony for 202 SL1M-Telekom Malaysia Bhd (TM) trainees, who had undergone a two-month soft skills course, at the Multimedia University here today.

Najib announced the tax deduction incentive on allowances and training expenses for companies participating in the SL1M programme in his Invest Malaysia 2012 keynote address today.

Since its launch on June 1 last year, a total of 8,262 graduates have been in the scheme, and 3,879 or 47 per cent have secured employment, while 4,324 or 52.3 per cent are still undergoing training and the rest still waiting for job placements, with their details passed to JobsMalaysia, he said.