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"Occupational Safety And Hazards: Costs And Benefits"

5217 words - 21 pages

Introduction to the report:This report is an effort to analyze the various aspects of the cost of implementing safety measures and health standards in an organization, in the context of management accounting. It is mainly focused on Malaysian context and is based on the data that was gathered through interview and online research.This report analyzes the legal requirements, social needs, cost benefits and overall effectiveness of implementing the Occupational Safety & Health Mentorship programme , and its after-effects in terms of the cost effective policies of an organization.For the purpose of a comprehensive analysis, we have selected Maybank for its pioneer role in the area of ...view middle of the document...

Other hidden costs may need to be accounted for as well. Such costs include a reduction in productivity from other workers at the company as a result of the incident. Employees who feel safe on the job are more productive and experience less absenteeism than in places where they feel their safety may be in jeopardy.Occupational safety and health (OSH) is a cross-disciplinary area concerned with protecting the safety, health and welfare of people engaged in work or employment. The goal of all occupational safety and health programs is to foster a safe work environment. As a secondary effect, it may also protect co-workers, family members, employers, customers, suppliers, nearby communities, and other members of the public who are impacted by the workplace environment. It may involve interactions among many subject areas, including occupational medicine, occupational hygiene, public health, safety engineering, environmental health, industrial relations, public policy, sociology, and occupational health psychology.In Malaysia, the Department of Occupational Safety and Health (DOSH) under the Ministry of Human Resource is responsible to ensure that the safety, health and welfare of workers in both the public and private sector is upheld. DOSH is responsible to enforce the Factory and Machinery Act 1969, and the Occupational Safety and Health Act 1994.A study indicates that in Malaysia, for every 1,000 workers, the rate of accidents is 10 cases compared to developed nations where for every 1,000 workers, it is between three and four cases only. At the same time another study revealed that the Social Security Organization (SOCSO) dealt with 56,339 cases of small and major industrial accidents, 17,682 commuting accidents and 341 involving occupational diseases.Maybank as the pioneer financial institution in Malaysia to implement OSH:Background:Maybank was incorporated on 31 May 1960 and commenced operations on 12 September 1960. On 17 February 1962, the bank was listed on the Kuala Lumpur Stock Exchange (now known as Bursa Malaysia).(Maybank's Headquarters in Malaysia)Today, it is the largest financial services group in Malaysia. Its extensive products and services include commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, factoring, trustee services, asset management, stock broking, nominee services, venture capital and Internet banking.The Maybank Group has over 450 offices in 14 countries namely Malaysia, Singapore, Philippines, Brunei Darussalam, Indonesia, Vietnam, Cambodia, Papua New Guinea, Hong Kong SAR, People's Republic of China, Bahrain, Uzbekistan, Pakistan, Great Britain and the United States of America.On 13th April, 09, Maybank signed a Memorandum of Understanding with Usaha Sama Security Sdn Bhd , with respect of the year long mentorship program, which is aimed at ensuring proper safety and health of its employees regarding the occupational hazards.The programme is part of the...

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