02-05-2025
GLICs roll out living wage policy for M'sian staff
KUALA LUMPUR: Government-linked investment companies (GLICs) have collectively implemented a living wage policy, which ensures that all permanent Malaysian employees now earn above the monthly living wage threshold.
The GLICs that have met this commitment include Khazanah Nasional Bhd, Permodalan Nasional Bhd, the Employees Provident Fund, Kumpulan Wang Persaraan (Diperbadankan), Lembaga Tabung Angkatan Tentera and Lembaga Tabung Haji.
In a joint statement issued by the six GLICs yesterday, Finance Minister II Datuk Seri Amir Hamzah Azizan (pic) said the collective move by the GLICs to implement a living wage was an important step to 'raise the floor', ensuring that growth was both inclusive and firmly rooted in the well-being of Malaysians.
'The living wage implementation forms part of the GEAR-uP initiative led by the Finance Ministry that seeks synergised efforts across GLICs to catalyse growth in key economic sectors in Malaysia, with the dual objectives of 'raising the ceiling' and 'raising the floor'.
'The benchmark living wage has been set at about RM3,100 monthly, which is higher than the RM1,700 monthly minimum wage announced in Budget 2025 and implemented on Feb 1, 2025,' according to the statement, Bernama reported.
It said this figure is based on a comparative analysis of industry wages and cost of living standards as outlined in the Belanjawanku 2024/2025 Expenditure Guide.
'The Belanjawanku Expenditure Guide, which was jointly developed by EPF and the Social Wellbeing Research Centre, Universiti Malaya, provides estimates of minimum monthly expenses needed for a good standard of living,' the statement said.
'The living wage approach empowers employers to offer total compensation that goes beyond base salary, encompassing a range of benefits that enhance an individual's quality of life, including healthcare, retirement plans and savings mechanisms.'
