Labour Reforms Pose Challenges For Plantation Sector
Labour Reforms Pose Challenges For Plantation Sector
The increase in the minimum wage from RM1,500 to RM1,700, set to take effect in February 2025, is anticipated to weigh on the sector's earnings. The research house's analysis suggested that each 10% wage increase would negatively impact earnings by 2% to 5%, with companies like FGV Holdings Bhd expected to experience a greater hit due to their lower earnings base. The wage increase will affect all plantation firms under RHB Research's coverage, with the projected earnings hit for the sector to range from 3% to 6%.The plantation sector is expected to face challenges due to the adverse effects of higher export taxes, minimum wage increases, potential Employees Provident Fund (EPF) contributions for foreign workers and a new multi-tiered foreign worker levy.
由於更高的出口稅、提高最低工資、可能向外國工人繳納的僱員公積金（EPF）繳款以及新的多層外國工人稅的不利影響，種植園部門預計將面臨挑戰。
RHB Investment Bank Bhd (RHB Research) said these factors are expected to offset the slight positive adjustment from the windfall tax threshold, which was raised by RM150 per tonne.
印度興業銀行投資銀行有限公司（RhB Research）表示，預計這些因素將抵消對每噸 RM150 提高的意外稅門檻的略有積極調整。
RHB Research has expressed concern over the export tax, which will increase the maximum rate from 8% to 10% from Nov 1, 2024. Combined with the windfall tax changes effective from January 2025, planters are projected to see a net impact of RM4 to RM23 per tonne in additional revenue when prices are below RM3,800 per tonne. However, for prices above RM3,800, revenue losses could range from RM16 to RM68 per tonne. Despite this, Malaysia may remain competitive compared to Indonesia due to these adjustments.
RhB Research對出口稅表示擔憂，該稅將從2024年11月1日起將最高稅率從8％提高到10％。再加上自2025年1月起生效的意外稅收變化，當價格低於每噸3,800令吉時，預計種植者將獲得每噸4至23令吉的額外收入的淨影響。但是，對於價格高於3,800令吉的價格，收入損失可能在每噸16令吉至68令吉之間。儘管如此，由於這些調整，與印度尼西亞相比，馬來西亞可能保持競爭力。
The increase in the minimum wage from RM1,500 to RM1,700, set to take effect in February 2025, is anticipated to weigh on the sector's earnings. The research house's analysis suggested that each 10% wage increase would negatively impact earnings by 2% to 5%, with companies like FGV Holdings Bhd expected to experience a greater hit due to their lower earnings base. The wage increase will affect all plantation firms under RHB Research's coverage, with the projected earnings hit for the sector to range from 3% to 6%.
最低工資從1,500令吉提高到1,700令吉，定於2025年2月生效，預計將壓制該行業的收入。該研究機構的分析表明，每增加10％的工資將對收益產生2％至5％的負面影響，而像FGV Holdings Bhd這樣的公司由於收入基礎較低，預計將受到更大的打擊。工資增長將影響RhB Research所涵蓋的所有種植公司，該行業的預計收益將在3％至6％之間。
RHB Research added that the proposed mandatory EPF contributions for foreign workers pose an additional burden on plantation companies, particularly those already struggling with low margins.
RhB Research補充說，擬議的對外國工人的強制性公積金繳款給種植園公司帶來了額外負擔，尤其是那些已經在低利潤率方面苦苦掙扎的公司。
Furthermore, the lack of specifics surrounding the proposed multi-tiered foreign worker levy, set to be implemented from Jan 1, 2025, to reduce foreign worker dependency, has left plantation companies with lots of uncertainty. Analysts estimated that every 10% increase in the levy could reduce earnings by approximately 1% to 2% annually.
此外，擬於2025年1月1日起實施的旨在減少對外國工人的依賴的擬議多級外國工人稅缺乏具體細節，這給種植園公司帶來了很多不確定性。分析師估計，徵稅每增加10％，每年收益就會減少約1％至2％。
Overall, RHB Research maintains a cautious outlook for the plantation sector, emphasising that the negative aspects of Budget 2025 such as increased labour costs and export taxes will outweigh the minor positive adjustments to the windfall tax.
總體而言，RhB Research對種植業保持謹慎的前景，強調2025年預算的負面影響，例如勞動力成本和出口稅的增加，將超過對暴利稅的微小積極調整。
譯文內容由第三人軟體翻譯。
