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Wednesday, May 1, 2024

As the ringgit declines, Malaysia's Anwar announces a record public wage increase

Malaysia's Anwar announces a record public wage increase

As the ringgit declines, Malaysia's Anwar announces a record public wage increase

In light of growing costs and a declining value of the local currency, Malaysian Prime Minister Anwar Ibrahim has declared a record increase in civil servant's salaries of more than 13 percent.

Anwar declared that 10 billion ringgit ($2.10 billion) would be set aside to enable the “best increase in history” starting in December during a speech on Wednesday in honor of Labor Day.

The finance minister, Anwar, stated that the pay increase will guarantee civil officials a minimum income of 2,000 ringgit ($420) per month.

According to the state-run news agency Bernama, Anwar said, "The overall minimum income, which includes salary and fixed allowances, is 1,795RM per month."

Additionally, Anwar urged businesses with "huge profits" to share in their success by paying their staff members more.

The announcement was made by the Malaysian leader, who previously announced plans to boost taxes and reduce subsidies to strengthen the nation's finances, as household budgets are being put under pressure due to the ringgit's decrease in value.

Thus far this year, the ringgit's value relative to the US dollar has dropped by almost 4%.

At 4.7965 ringgit per dollar in February, the currency plummeted to a 26-year low—lower than it had been since the Asian financial crisis of 1998.

Although the decline in the value of the currency has made it easier for exporters to sell their goods at a lower cost abroad, it has also increased the price of necessities like food and gasoline.

Anwar called the decline in the value of the currency "concerning" but "under control."

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