BYD’s third-quarter sales jumped 24 per cent to 201.12 billion yuan (US$28.2 billion), beating Tesla’s US$25.18 billion revenue in the same period
KUALA LUMPUR: The government must further adjust and fine-tune the minimum wage policy to effectively improve the lives of low-income earners, says Universiti Sains dan Teknologi Malaysia economist Prof. Dr. Barjoyai Badai .
During the tabling of Budget 2025 on Oct 18, Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim announced that the government has agreed to raise the minimum wage from RM1,500 to RM1,700 per month, effective Feb 1, 2025. He explained that the government could also offer tax incentives to small businesses, to support small and micro-enterprises and help offset increased labour costs.
He added that a minimum wage increase would likely benefit foreign workers more, as they typically accept the established wage rate upon arrival in Malaysia and tend to maintain a similar lifestyle and cost of living to what they had in their home countries. Barjoyai elaborated that foreign workers are required to contribute 11 percent of their base salary to the EPF as employee savings, while employers must contribute an additional 13 percent of the worker’s gross salary as the employer's share.
Sim highlighted that the increase in the minimum wage from RM1,500 to RM1,700 is intended for basic workers with low academic qualifications and skill levels, including those in 3D sectors .
Economist Universiti Sains Dan Teknologi Malaysia Budget 2025 Minimum Wage Steven Sim
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