5 days ago
- Business
- New Straits Times
Sime Darby Property ups minimum wage for B40 workers by 80pct to RM2,700
PETALING JAYA: Sime Darby Property Bhd has raised the minimum living wage for employees in the B40 income group by 80 per cent, from RM1,500 to RM2,700 a month, as part of its commitment to employee well-being and inclusive growth.
Its chairman Datuk Rizal Rickman Ramli said the adjustment takes into account the increased cost of living and aims to provide better financial support for lower-income employees.
"This initiative highlights our commitment to financial stability and the well-being of our workforce, particularly those most impacted by rising living costs," he said in the group's integrated annual report 2024.
The wage hike is part of Sime Darby Property's wider workforce development efforts under its SHIFT25 transformation plan.
In 2024, the company recorded a 43 per cent increase in employee training hours and introduced new programmes in areas such as artificial intelligence, sustainable development and urban biodiversity.
Rizal said these measures come as the group looks to upskill its workforce in line with evolving industry demands and growing environmental, social and governance expectations.
Sime Darby Property's new minimum wage of RM2,700 exceeds the national statutory floor by RM1,000.
Under the government's revised minimum wage policy, the monthly wage floor was raised to RM1,700 beginning February this year for employers with five or more workers. Companies with fewer than five employees have until August to comply.
Non-compliance is an offence under the National Wages Consultative Council Act 2011 (Act 732) and may result in penalties.
The new national rate, announced in Budget 2025, is expected to benefit over 4.3 million workers across the country.
