This year also saw the official formation of the Association of Used Cooking Oil Development Malaysia. Made up of longstanding waste oil processing companies in the country, it aims to better coordinate industry players towards regulation and industry accountability.
Why are cooking oil companies retrenching workers?
Edible Cooking Oil Association of Malawi (ECOAM) has announced that cooking oil companies will start retrenching workers due to the financial loss arising from government¡¯s decision to uphold a 16.5% Value Added Tax (VAT) on cooking oil.
Can cooking oil manufacturers survive a retrenchment?
According to ECOAM¡¯s Chairperson Jayshree Patel, cooking oil manufacturers cannot afford to survive as there is no hope for the industry to grow with such working conditions and unfair competition with smuggled oil from Mozambique. ¡°All member companies of cooking oil will commence retrenchment in the month of March due to 50% drop in sales.