The Human Capital Development SRI was a result of the New Economic Model (NEM) policy
recommendations launched by the Prime Minister in January 2011. Implementation began
after a series of SRI labs were conducted during February to April 2011.
The Human Capital Development SRI is a critical enabler to help transformation of
the workforce and workplace. This involves the implementation of strategic programmes
parked under six key policy areas:
- Modernise labour legislation
- Focus on upskilling and upgrading the workforce
- Strengthen human resource management
- Leverage on women’s talent to increase productivity
- Undertake a labour market forecast and survey programme
- Enhance labour safety net by introducing unemployment insurance
The Human Capital Development SRI cuts across all 12 National Key Economic Areas
(NKEAs) and functions as an enabler in supporting the implementation of the NKEAs
besides ensuring competitiveness in its execution.
Modernising Labour Legislation
Modernising labour legislation is crucial to ensure laws unsuited for a modern economy
and impedes our progress and global competitiveness are reviewed and updated holistically.
In doing so, the approach taken ensures that amendments to the laws are not fragmented
and reactive. The proposed amendments focus on the dual objectives of reducing cost
to business of labour management and ensuring effective worker protection.
These proposed amendments pertain to the following acts:
- Employment Act 1955
- Industrial Relations Act 1967
- Trade Unions Act 1959
- Foreign workers and other legislation