Despite inflation levels reaching unprecedented heights in recent years, no changes have been done to the minimum wage.
A recent study has since confirmed that Malaysia is lagging behind when it comes to addressing the current minimum wage, where it was placed near the bottom.
Malaysia ranks 59th out of 67 countries globally for minimum wage
Shopping service Picodi Malaysia recently released a chart analysing and ranking 67 countries based on how the minimum wage has changed from Jan 2023 to Jan 2024.
The analysis not only delves into the minimum wage but also explores the correlation with the escalating prices of essential goods and overall cost of living.
According to the report, it found that Malaysian employees on minimum wage earn an average of RM1,323 monthly.
Picodi also revealed that the ‘shopping basket’, which consists of essential foods necessary for basic living, is RM437.58 for Jan 2024, a 7.9% increase from Jan 2023’s figure of RM405.46.
This means that Malaysians spend 33.1%Â on essential foods alone and that the minimum wage has failed to keep up with rising food prices.
The top countries which saw a huge surge in the minimum wage within the same period were Argentina (128.4%), Turkey (99.9%), Nigeria (83.3%), Pakistan (29.3&), and Moldova (23.1%).
Simultaneously, the study also revealed that countries with the most favourable ratio of the ‘shopping basket’ to the minimum wage are the UK, Ireland, the Netherlands, Luxembourg, and New Zealand.
Do you think the minimum wage will ever increase? Share in the comments!
READ ALSO:
