What is this Order about?
The Minister of Human Resources has recently approved certain payment instruments that employers can use to pay their workers’ wages. This decision is based on the Employment Act 1955.
Why is this important?
This Order provides employers with more options for paying their employees’ wages. It can also help to promote financial inclusion and reduce the use of cash in the workplace.
Who are the approved issuers?
The following companies have been designated as approved issuers of a designated payment instrument:
- Bayo Pay (M) Sdn. Bhd.
- FINEXUS Cards Sdn. Bhd.
- Merchantrade Asia Sdn. Bhd.
- MobilityOne Sdn. Bhd.
- TNG Digital Sdn. Bhd.
- BigPay Malaysia Sdn. Bhd.
When does this Order take effect?
This Order will take effect on August 1, 2024 and will remain in force until July 31, 2027.
What does this mean for employers and employees?
Employers can now use any of the approved payment instruments to pay their workers’ wages. This can provide more flexibility and convenience for both employers and employees.
Conclusion
The Employment (Recognized Approved Issuer of a Designated Payment Instrument) Order 2024 is a significant development that will have a positive impact on the Malaysian workforce. By providing employers with more options for paying wages, this Order can help to promote financial inclusion and improve the overall working experience for employees.
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