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Construction Sector Remains Strong Despite Budget 2025 Foreign Workers Initiatives

Construction Sector Remains Strong Despite Budget 2025 Foreign Workers Initiatives

2025年预算出台外国员工举措,尽管如此,建筑板块仍然保持强劲。
Business Today ·  10/21 12:54

The construction sector is expected to manage the impact of Malaysia's latest labour reforms, with RHB Investment Bank Bhd (RHB Research) maintaining an OVERWEIGHT rating on the industry.

预计施工板块将应对马来西亚最新劳工改革的影响,RHb投资银行有限公司(RHb研究)对该行业保持超配评级。

RHB Research's assessment continues to favour top companies like Gamuda Bhd, Sunway Construction Bhd (SunCon) and Kerjaya Prospek Group Bhd. Despite changes including a higher minimum wage and new regulations on foreign worker contributions to the Employees Provident Fund (EPF), the earnings impact for major contractors is projected to be minimal, around 1.7% to 1.8% for FY25.

RHb研究继续偏爱Gamuda Bhd、Sunway Construction Bhd(SunCon)和Kerjaya Prospek Group Bhd等顶级公司。尽管有诸多变化包括较高的最低工资标准和外国员工向公积金缴费的新规定,但主要承包商的收益影响预计将很小,对FY25来说约为1.7%至1.8%。

The new minimum wage, which will rise from RM1,500 to RM1,700 in February 2025, is unlikely to cause major disruptions. Many contractors, including Gamuda, SunCon and IJM Corp Bhd, already pay their workers above this threshold. For general construction workers, daily wages range from RM80 to RM100, meaning most already surpass the new wage floor. However, there is a potential knock-on effect, where workers earning slightly above the minimum wage could request pay raises to maintain wage gaps, which may slightly pressure contractors.

新的最低工资标准将于2025年2月从RM1,500上调至RM1,700,不太可能造成重大混乱。许多承包商,包括Gamuda、SunCon和IJM Corp Bhd,在这个门槛以上支付给他们的工人。对于一般建筑工人,日薪在RM80至RM100之间,这意味着大多数已经超过新的最低工资标准。然而,也存在一个潜在的连锁效应,即工资略高于最低工资标准的工人可能会要求加薪以保持工资差距,这可能会在一定程度上给承包商带来压力。

Another significant change involves the introduction of the multi-tiered foreign worker levy, set to begin early next year. While details were not fully outlined in Budget 2025, hypothetical earnings projections based on past proposals suggest that the impact on contractors like SunCon would be limited, reducing earnings by less than 1%. This suggests that the sector can absorb these costs without significant operational disruption.

另一个重要变化涉及引入分层制外国员工征费,预计将于明年初开始。虽然《2025年财政预算案》中没有完全详细说明,但基于过去提案的假设收益预测表明,对SunCon等承包商的影响将受限,收益减少不到1%。这意味着该行业板块能够吸收这些成本而不会造成重大运营中断。

In addition, foreign workers will now be required to contribute to the EPF, with the government phasing in this policy gradually. Though this may deter some foreign workers from seeking employment in Malaysia, the estimated impact on contractors remains manageable. If the full 11% EPF contribution is enforced, foreign workers will take home RM1,513 from the revised minimum wage of RM1,700. Contractors will also need to contribute 12% to 13% for wages under RM5,000. While this adds to labour costs, it could be offset by wage adjustments to ensure workers meet the minimum take-home pay.

此外,外国工人现在将被要求向公积金缴纳,政府将逐渐实施这项政策。尽管这可能会阻止一些外国工人求职马来西亚,但据估计对承包商的影响是可以控制的。如果全面执行11%的公积金缴费,外国工人将从RM1,700的修订最低工资中拿到RM1,513。承包商还需为每月收入低于RM5,000的工人缴纳12%至13%。虽然这会增加劳动力成本,但可以通过调整工资来抵消以确保工人达到最低实得工资。

Despite these challenges, the labour reforms may accelerate the adoption of industrialised building systems (IBS) in the construction industry. The government is pushing for increased use of IBS, which had an 84% adoption rate for government projects and 60% for private sector projects in 2021. This trend could help contractors reduce their reliance on manual labour and manage labour-related costs more efficiently.

尽管面临这些挑战,劳工改革可能加速施工行业中工业化建筑系统(IBS)的采用。政府正在推动增加IBS的使用,2021年政府项目的采用率为84%,私人部门的项目为60%。这一趋势有助于承包商减少对人工劳动的依赖,并更有效地管理与劳工相关的成本。

Overall, while the sector faces some risks such as delays in project rollouts, rising material costs and difficulties in hiring foreign workers, the construction industry remains well-positioned for growth. Major infrastructure projects outlined in Budget 2025, including highways, industrial hubs and flood mitigation works, are expected to provide significant opportunities.

总体而言,尽管该行业面临一些风险,如项目推出延迟、材料成本上涨和招聘外国工人困难等,施工行业仍然处于良好增长的有利位置。2025年预算中提出的主要基础设施项目,包括公路、工业枢纽和防洪工程,预计将提供重大机遇。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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