PUTRAJAYA: A proposal has been made at the Bumiputera Economic Congress 2024 to introduce a policy that aims to address the income and wealth disparities between bumiputras and other communities. The convention revealed that as of September 2023, bumiputras’ monthly median wages were 45% lower than that of Chinese employees in the formal sector. Additionally, bumiputra households’ median monthly income was 29% lower than that of Chinese families in 2022, according to data from the Statistics Department.
The proposed Equitable Opportunities Policy, as described by Bursa Malaysia chairman Tan Sri Abdul Wahid Omar, would focus on promoting diversity, equity, and inclusion in both jobs and businesses. Abdul Wahid emphasized the need for individuals and companies to embrace these values, suggesting that the private sector should be encouraged to support and implement the policy, ensuring diversity in senior management and board compositions.
If sufficient support is not received for the policy, Abdul Wahid proposed the introduction of an Equitable Opportunity Act as a potential solution. He stated that the act would only be necessary if the policy fails to provide equitable opportunities for all Malaysians. Abdul Wahid highlighted the importance of having a policy that can be implemented successfully to promote diversity, equity, and inclusion in the workforce and business environment.
During the congress, Abdul Wahid presented findings from the cluster on wealth creation and bumiputra corporate control, which discussed the need for an equitable policy act. He shared that individuals have expressed frustrations about not being considered for job or business opportunities despite believing they have the necessary qualifications. The proposed policy would also establish procedures for individuals to lodge formal complaints if they feel discriminated against based on ethnicity or gender.
Abdul Wahid stressed the importance of promoting equitable opportunities, stating that the aim is not to achieve absolute equality but rather to ensure fairness and inclusivity. He mentioned that internal communications within corporations should be conducted in Malay or English to prevent staff from feeling marginalized by language barriers. The proposed policy aims to create a supportive environment where all individuals, regardless of ethnicity or gender, have an equal chance to succeed in the workforce and business sector.
The Equitable Opportunities Policy is designed to address the existing disparities and create a more level playing field for all Malaysians. By promoting diversity, equity, and inclusion, the policy seeks to empower individuals from different communities and backgrounds to access equal opportunities in employment and business ventures. The proposal aims to bridge the income and wealth gap between bumiputras and other communities, ensuring that all Malaysians have a fair chance to thrive and succeed in the competitive market.
Abdul Wahid highlighted the need for a collaborative effort between the government, private sector, and individuals to implement the policy successfully. He emphasized the importance of embracing diversity and inclusivity in workplace practices and business operations to create a more equitable environment for all Malaysians. Through the proposed Equitable Opportunities Policy, steps can be taken to address disparities and promote fairness, ultimately leading to a more inclusive and prosperous society for all.
