Productivity has to rise to improve economic competitiveness and justify higher incomes, but Malaysian employers must also fairly compensate workers for inclusive growth.
Read More: https://www.freemalaysiatoday.com/category/nation/2024/11/29/high-income-nation-no-running-away-from-productivity/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/11/29/produktiviti-kunci-jadikan-negara-berpendapatan-tinggi/
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Read More: https://www.freemalaysiatoday.com/category/nation/2024/11/29/high-income-nation-no-running-away-from-productivity/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/11/29/produktiviti-kunci-jadikan-negara-berpendapatan-tinggi/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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NewsTranscript
00:00For Malaysia to grow into a high-income competitive economy, productivity must rise.
00:07Productivity isn't just about working harder, but working smarter, achieving more output
00:12with the same resources.
00:15But higher productivity alone isn't enough.
00:17For true inclusive growth, employers and the government need to ensure that rising productivity
00:22is reflected in fair compensation for workers.
00:26Under Budget 2025, the Malaysian government is investing 25 million ringgit in the Special
00:31Task Force on Agency Reform to make the civil service more efficient.
00:36This funding supports a collaboration with the Malaysian Productivity Corporation to
00:39streamline processes and digitalize services.
00:43Why?
00:44A more productive civil service means better, faster public services for Malaysians and
00:49justifies higher wages for public servants.
00:53Budget 2025 will increase the wage allocation for civil servants from 95.6 billion ringgit
00:59to 105.93 billion ringgit, with a new minimum salary floor of 2,115 ringgit monthly.
01:06This approach to linking productivity and wages isn't just for civil servants.
01:11In the private sector, the Progressive Wage Policy, or PWP, connects salary growth to
01:16productivity, helping to address wage stagnation and increase competitiveness.
01:21In 2025, the PWP will receive 200 million ringgit in funding to support 50,000 workers.
01:28This ensures that, as employees generate more value, they see a corresponding increase in
01:33their wages.
01:35Despite these initiatives, productivity improvements must go hand-in-hand with fair compensation
01:40from employers.
01:42Malaysian workers often receive lower wages compared to similar economies, partly due
01:46to a reliance on low-cost labor and lack of unions.
01:50The government has raised the minimum wage from 1,500 ringgit to 1,700 ringgit effective
01:55February 1st, but employers are encouraged to go beyond minimums and reward workers based
02:01on their contributions and skill levels.
02:05An efficient, well-compensated civil service is crucial for Malaysia's future competitiveness.
02:10As public servants become more productive, delivering faster and better services, it
02:14builds trust in the government and strengthens Malaysia's foundation for inclusive growth.
02:20By investing in the productivity of both public and private sectors, Malaysia ensures
02:24a more resilient and competitive economy.
02:28And by linking these gains to fair compensation, it creates an environment where everyone benefits.
02:35Danish Rajareza, FMT News.