LETTERS: Goldman Sachs, as reported by CNN, said: "As many as 300 million full-time jobs around the world could be automated in some way by the newest wave of artificial intelligence that has spawned platforms like ChatGPT."
These consequences will affect Malaysia.
A study by Universiti Malaya's Faculty of Economics and Administration found that "40.1 per cent of Malaysian jobs are at high risk of being automated with 57 per cent of jobs being affected by automation in the next two decades".
While it is important for Malaysia, as a developing economy, to include emerging technologies, the country's leadership must also be cognisant of the implications of doing so.
The Malaysian Investment Development Authority said: "The country aspires to be a digitally-driven, high-income nation and a regional leader in the digital economy."
The government should carry out measures that facilitate these digital aspirations while protecting its workforce from the encroachments of technological innovation and job displacement.
The workforce, particularly from the low-income group, who will suffer from future job displacement, is already experiencing a cost-of-living crisis.
The government could provide a universal basic income as a form of labour protection.
Those eligible would receive a guaranteed monthly cash transfer to meet minimum living costs.
Economics Professor Geoffrey Williams, of the Malaysia University of Science and Technology, said this measure would make the "cost of living more affordable" and that it was "financially viable".
Crucially, this policy would offset the severe consequences of job displacement by providing workers with social assistance.
The consequence of a significant portion of the workforce falling into poverty due to automation would exacerbate wealth inequality and slow down the government's effort to economically empower Malaysians.
This demonstrates the future necessity of such a policy.
A sustainable vision for universal basic income policies would be one that ensures the workforce is financially supported to develop skills for employment.
This will stabilise the disruptions of automation and keep labourers afloat so that they can sustain themselves and incentivise their participation in the economy.
Economy Minister Rafizi Ramli has regarded it as difficult to realise given the country's financial situation.
The government could develop financial aid plans and institutions and deploy them in areas that face the threat of AI automation.
Malaysia must protect its workforce given the ethical questions surrounding AI automation.
PRAVIN PERIASAMY
Sunway University
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times