Category: Other

With the Youth Corp bill getting the Parliament nod an estimated 40,000 young persons will go into job – oriented training this year.A further 150,000 will receive training next year. rnThe training will also include leadership and teamwork skills. rnPromoters of the new bill say that young people of today are mostly interested in government […]

A new law to prevent abuse of public funds while committing the government to its budget targets will come before the house soon.In addition to putting spending plans of the government in power under the strict scrutiny the proposed Fiscal Responsibility Act will also expose the impact of vote catching election proposals on the public […]

The government plans to form an asset management company to takeover the debts of the two state banks.A top Central Bank official said the upcoming Bank Rescue Law, will makes its way to parliament before end September. rnrnThe debt recovery and collection agency or RACA will be modelled on similar lines to the successful Malaysian […]

This is one of two pieces of legislation that are coming before parliament in the next few weeks, laying the groundwork for an eventual re-haul of the Termination of employment Act. rnrnFemale overtime is a key feature of the Factory Ordinance amendment, which is to be extended to 60 hours a month, as against the […]

A Fiscal Responsibility Act would also be passed, to ensure the government sticks to its commitments on revenue and expenditure. rnrnAmong the pieces of financial legislations is the law to set up a debt recovery and collection agency (RACA) to solve bad debts crippling the banking sector. rnrnThe agency is to be given strong debt […]

A gazette notification spelling out the government quote s decision will be announced in August, Treasury sources said. rnrnHowever, broader pension reforms like allowing members flexibility to chose their own pension fund would come through next year via a new Superannuation Act. Some of the upcoming changes include issuing a bond for existing EPF holders […]

The Banking Act, the Monetary Law Act and the upcoming Exchange Rate Management Act are likely to be abolished early next year. rnrnOfficials however, say amendments to the Banking Act and the Monetary Law Act, which governs the Central Bank, will still go ahead in August as a stopgap measure. rnrnAs part of a marathon […]

A committee drawn up by the SEC will study wide range of matters including the separation of audit function from consultancy, the rotation and change of auditors and the composition, scope and powers of auditing committees. Representations should be forwarded by August 15, SEC says. rnThe local accounting fraternity has also launched a programme after […]

Officials say the draft act that will protect ownership rights was completed early last year and is now pending parliamentary approval.rn rnAn attempt was made last year to ratify the draft act through parliament, but failed due to the political changes halting parliamentary proceedings. rn rnThe act will put in place a regulatory body with […]