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In the quest to attain the status of a developed country by the year 2020, greater emphasis must be given to the retraining and skills upgrading of the labour pool. This is necessary not only to increase the knowledge and skill intensity of the workforce, but also to equip it with specialized and up-to-date skills as production techniques become increasingly automated and businesses competitive.
Retraining and skills upgrading is also of paramount importance to enhance the quality of the workforce so that it is versatile and adaptable to the changing technological and business environment.
With that in mind, the Human Resources Development Act, 1992 was enforced in January 1993 and led to the establishment of the Human Resources Development Fund (HRDF) which was then administered by the Human Resources Development Council (HRDC). In line with the corporatization exercise via the Pembangunan SumberManusiaBerhad Act 2001, the HRDC is now known as Pembangunan Sumber Manusia Berhad (PSMB).
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