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Minimum wage pushing SMEs to raise prices, industry leaders say | The Malaysian Insight

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Minimum wage pushing SMEs to raise prices, industry leaders say

Industry experts say small and medium enterprises are set to adjust their prices by 25% to 30% in an attempt to stay afloat, now with the added pressure of paying the new minimum wage of RM1,500 to workers. – The Malaysian Insight file pic, June 2, 2022.

SMALL and medium enterprises are set to adjust their prices by 25% to 30% in an attempt to stay afloat, now with the added pressure of paying the new minimum wage of RM1,500 to workers, industry experts said. They have been contending with the increasing cost of raw materials and other logistics, made worse by Russia’s war on Ukraine, which has further inflated prices and their overheads.

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