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.
預計種植業板塊將面臨挑戰，原因是出口稅提高、最低工資增加、外國員工可能需要繳納公積金以及新的多層次外國員工費。
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.
RHb投資銀行（RHb研究）表示，預計這些因素將抵消風險稅門檻微調帶來的輕微正面影響，該門檻每噸提高150馬幣。
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研究對出口稅表示擔憂，將從2024年11月1日將最高稅率從8%提高至10%。結合從2025年1月起生效的風險稅變化，預計當價格低於每噸3800馬幣時，種植園主將看到每噸額外營業收入淨影響爲4至23馬幣。然而，對於高於3800馬幣的價格，營業收入損失可能在每噸16至68馬幣之間。儘管如此，由於這些調整，相比印尼，馬來西亞可能仍具競爭力。
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%.
最低工資從每月1500馬幣提高至每月1700馬幣，將於2025年2月生效，預計將對該行業的收益產生影響。研究機構的分析表明，每10%工資增長將對收益產生2%至5%的負面影響，像FGV Holdings Bhd這樣的公司由於其較低的收益基數，預計將受到更大影響。工資增加將影響RHb研究覆蓋的所有種植公司，預計該行業的收益將受到3%至6%的影響。
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研究補充說，針對外國工人的強制性EPF（Employees Provident Fund）繳款提議給種植公司帶來了額外負擔，尤其是那些已經在低邊際上掙扎的公司。
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，關於2025年1月1日實施的擬議多層次外國工人Levy政策的具體細節不明確，這已經給種植公司帶來了很多不確定性。分析師們估計，每10%外工Levy的增加可能會使盈利每年降低約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研究對種植板塊保持謹慎態度，強調2025年預算中的負面因素，如增加的勞工成本和出口稅，將超過對風險稅的較小正面調整。
