According to the Economic Outlook 2024 report released by the Ministry of Finance today, the introduction of the minimum wage in 2013 was a significant progressive step, but more needs to be done if the Madani Economy framework’s target to raise the wage share ratio to 45 per cent of Gross Domestic Product is to be realised.
Similarly, between 2019 and 2020, there was a decline in graduates earning above RM2,000 by 2.3 per cent, while those earning below the minimum wage grew from 48.8 per cent to 51.1 per cent.The labour market’s inability to pay the fresh graduates adequately is nested within a larger structural challenge of job creation, it said.
Based on a study by the World Bank in 2010, about 54 per cent of Malaysia’s brain drain were in Singapore and higher salary is the predominant motivator in pulling Malaysians to work in the republic.
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