High-income nation — no running away from productivity - video Dailymotion

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Productivity has to rise to improve economic competitiveness and justify higher incomes, but Malaysian employers must also fairly compensate workers for inclusive growth.  Read More: https://www.freemalaysiatoday.com/category/nation/2024/11/29/high-income-nation-no-running-away-from-productivity/  Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/11/29/produktiviti-kunci-jadikan-negara-berpendapatan-tinggi/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #Productivity #HighIncome #ImproveEconomic

Transcript

00:00For Malaysia to grow into a high-income competitive economy, productivity must rise.

00:07Productivity isn't just about working harder, but working smarter, achieving more output

00:12with the same resources.

00:15But higher productivity alone isn't enough.

00:17For true inclusive growth, employers and the government need to ensure that rising productivity

00:22is reflected in fair compensation for workers.

00:26Under Budget 2025, the Malaysian government is investing 25 million ringgit in the Special

00:31Task Force on Agency Reform to make the civil service more efficient.

00:36This funding supports a collaboration with the Malaysian Productivity Corporation to

00:39streamline processes and digitalize services.

00:43Why?

00:44A more productive civil service means better, faster public services for Malaysians and

00:49justifies higher wages for public servants.

00:53Budget 2025 will increase the wage allocation for civil servants from 95.6 billion ringgit

00:59to 105.93 billion ringgit, with a new minimum salary floor of 2,115 ringgit monthly.

01:06This approach to linking productivity and wages isn't just for civil servants.

01:11In the private sector, the Progressive Wage Policy, or PWP, connects salary growth to

01:16productivity, helping to address wage stagnation and increase competitiveness.

01:21In 2025, the PWP will receive 200 million ringgit in funding to support 50,000 workers.

01:28This ensures that, as employees generate more value, they see a corresponding increase in

01:33their wages.

01:35Despite these initiatives, productivity improvements must go hand-in-hand with fair compensation

01:40from employers.

01:42Malaysian workers often receive lower wages compared to similar economies, partly due

01:46to a reliance on low-cost labor and lack of unions.

01:50The government has raised the minimum wage from 1,500 ringgit to 1,700 ringgit effective

01:55February 1st, but employers are encouraged to go beyond minimums and reward workers based

02:01on their contributions and skill levels.

02:05An efficient, well-compensated civil service is crucial for Malaysia's future competitiveness.

02:10As public servants become more productive, delivering faster and better services, it

02:14builds trust in the government and strengthens Malaysia's foundation for inclusive growth.

02:20By investing in the productivity of both public and private sectors, Malaysia ensures

02:24a more resilient and competitive economy.

02:28And by linking these gains to fair compensation, it creates an environment where everyone benefits.

02:35Danish Rajareza, FMT News.

High-income nation — no running away from productivity

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