EVENING 5: Govt eyes 45% wage share ratio

The Edge TV

In today’s edition of Evening 5 — Datuk Seri Anwar Ibrahim says the government is aiming for a wage share ratio of 45% of total income. Also, Putrajaya announces postpaid rebates for civil servants and 5G Rahmah packages for all Malaysians.

Transcript

00:00 [Music]

00:04 Prime Minister Datuk Sri Anwar Ibrahim said

00:07 Putrajaya has set a wage share ratio target of 45% of total income

00:12 as it seeks to address the issue of low wages in the country.

00:16 This as the wage share ratio declined from 37.2% in 2020 to 32.4% last year,

00:24 though no timeline has been set to achieve the target.

00:27 Over two million Malaysian workers still earn less than RM2,000 a month

00:32 based on statistics on wages in the formal sector for the first quarter of 2023.

00:38 Anwar said the situation is particularly concerning for those aged 20 to 24

00:43 whose median wage is only RM1,682 per month.

00:48 For most Malaysian workers, he noted their wages will only increase to RM3,500 at the highest level

00:56 around the age of 40 to 49 throughout their careers.

01:00 On a related note, Anwar said the proposed progressive wage policy

01:04 which complements the minimum wage policy will be voluntary,

01:08 incentive-based and linked to productivity.

01:11 He said discussions regarding the policy will be held with stakeholders

01:15 and brought to the Cabinet to refine the implementation mechanism

01:19 and explore the need to allocate funds to incentivise its adoption.

01:23 Civil servants will now enjoy a monthly rebate of RM10 for their respective postpaid mobile packages

01:34 under the Rahmah Civil Servants Postpaid Incentive, effective this August 31.

01:40 Communications and Digital Minister Fahmi Fazil announced today that this is applicable to any

01:46 existing postpaid package, giving civil servants RM120 in annual savings.

01:51 In a statement, Fahmi also said that his ministry, with the cooperation of the MCMC,

01:57 Telcos, Samsung Malaysia and ONG Malaysia,

02:00 is also offering a 5G Rahmah package to all Malaysians starting August 31.

02:06 This package is a 5G device bundle data plan priced at RM60 a month,

02:11 with the choice of either a Samsung A14 5G or ONG 90 Lite 5G at prices as low as RM240.

02:20 The first 100,000 subscribers from the B40 group will get to subscribe to the plan

02:25 with the smartphones priced as low as RM120.

02:29 The package will come with a 24-month subscription contract

02:33 and an extended warranty of two years for the devices.

02:36 Ahead of the six state polls this Saturday,

02:44 the Securities Commission Malaysia said it believes a post-election sell-off is unlikely.

02:50 Its chairman, Datuk Srdd Awang Adik Husin, said the capital market flow and investor sentiment

02:55 should remain stable and highlighted the positive net inflow witnessed in the domestic capital

03:01 market over the last few weeks. Met at the sidelines of the InvestED leadership program,

03:06 he said elections are only a temporary thing, while the federal government is steady and intact.

03:12 In a note today, RHB Research said it expects net capital outflows from the domestic equity market

03:18 starting the second half of this month onwards on a sustained basis.

03:22 Group chief economist and head of market research Dr. Sailesh K. Jha said this is based on historical

03:29 trends and also amid the expected broad weakness in emerging equity markets as US Treasury bond

03:35 yields rise to around 4.4% in the next few months. According to MIDF's weekly flow report released

03:42 today, foreign investors continued their net buying streak on Bursa for the fourth consecutive

03:48 week last week, although at a more moderate rate of RM130.5 million.

03:54 Opcom Holdings said its external auditor, Bekertili Montero Heng,

04:04 resigned due to a disagreement over audit fees. The fibre optic manufacturer said the resignation

04:11 is with effect from today and that it is in the midst of appointing a new auditor.

04:16 According to its first filing, the two parties were unable to agree on the fees associated with

04:22 conducting the audit, specifically on Opcom's expanded operations and the consequent hike in

04:28 fees. Opcom said it is not aware of any other matters that need to be brought to the attention

04:33 of its shareholders. Its shares closed unchanged at 74 cent, giving the grouper market capitalization

04:40 of RM248.18 million.

04:43 Eye specialist services provider Optimex Holdings said it has obtained the license

04:53 from the Ministry of Health to offer plastic surgery and aesthetic services at its Optimex

04:59 Ebol Specialist Centre. In a press statement, it said these new services will complement and

05:05 enhance the group's current offerings, enabling it to leverage on its facilities and team

05:10 effectively. This is in line with Optimex's business expansion strategy. Optimex Chief

05:16 Executive Officer Sandy Tan said acquiring the license was crucial in its bid to venture into

05:22 the plastic surgery and aesthetic services industry. She said the group plans to secure

05:27 this license for its other outlets, ensuring a wider reach to serve a broader population.

05:33 Optimex's shares ended the day unchanged at 71 cent apiece,

05:37 for a market capitalization of RM383.4 million.

05:41 in Ringgit.

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