Malaysia ranks 59th in minimum wage - Report
SHAH ALAM - Malaysian ranks 59th out of 67 countries where the minimum wage was set by the government, a report by shopping service Picodi Malaysia has found.
According to its Minimum Wage 2024 report, minimum wage earners in Malaysia took home an average of RM1,323 monthly, reflecting a consistent zero per cent change since January, last year.
The report also stated that Malaysians earning the minimum wage spend RM437.58 monthly on a basket of basic food products.
This meant that a basket of basic food products costs 33.1 per cent of the minimum wage (48th place in the ranking).
The report stated that compared to the previous year, the minimum wage grew slower than the prices of products.
"At the beginning of 2023, it recorded as much as 30.6 per cent of the minimum wage. This means that the increase in Malaysia's minimum wage does not keep pace with the increase in food prices," the report said.
The report also stated that citizens of the United Kingdom could enjoy the best minimum wage to food price ratio (7.2 per cent).
It also stated that the most comfortable grocery basket to the minimum wage involved Ireland, the Netherlands, Luxembourg and New Zealand whereas the Nigerian minimum wage did not cover even the most basic food basket cost (116.5 per cent).
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