Don’t abandon existing minimum wage policy

Wages are an important part of the economy. They are a source of income for workers and also help to drive economic growth. The government should adopt a broader approach to wages, taking into account the importance of wages in the overall economy. This would help ensure the government’s wage policy is effective in promoting economic growth and reducing poverty.

So in these respect, Singapore’s PWM has good features that Malaysia should adopt. However, it is not a silver bullet. The government must not abandon the existing minimum wage system as our minimum wage policy is a necessary rule for all jobs across all sectors, not just a few. EPF’s BelanjawanKu also suggests that the average living wage for a married couple with two children is about RM6,000. It must be noted that the living wage is in fact the household income where there is about an average of two income-earners per household .

About four million workers earned less than RM2,000 in 2020 and benefitted from the minimum wage policy and its cascading effects. However, the cascading effect of the minimum wage does not improve the mid-range wages of another four million workers who earn between RM2,000 to RM6,000.

Source: Financial Digest (financialdigest.net)

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