Balancing fuel subsidies, wage growth to form core of 2027 Budget: Economy Ministry
GEORGE TOWN: Managing volatile global crude oil prices while driving wage growth will be among the key fiscal challenges addressed in 2027 Budget, says Economy Minister Akmal Nasrullah Mohd Nasir.
Malaysian Economy Minister Akmal Nasrullah Mohd Nasir has emphasized that the 2027 Budget should prioritize increasing wages and incomes to ensure that economic growth translates into tangible gains for workers. He stated that it is time to make workers' earnings a central focus in budget discussions, with a clear commitment to improving wage levels.
Akmal urged discussions on income and wages to become a priority, highlighting the need for companies to create more high-skilled jobs and offer higher wages. The government should also focus on strengthening the economic structure and expanding high-growth, high-value industries to boost Malaysian companies' capabilities beyond traditional manufacturing.
Recent positive developments in various industries and continued economic growth despite global geopolitical uncertainty provide the government with an opportunity to give greater attention to Malaysians' incomes. The Progressive Wage Policy, currently set to run until the end of 2027, is set to undergo a comprehensive assessment by the end of this year or early next year to determine its effectiveness in raising workers' wages.
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