Wage must grow 3.5% annually for Malaysia to achieve high-income status

KUALA LUMPUR: Salary in Malaysia must grow at an average rate of 3.5 per cent annually for the country to achieve high-income status by 2023, said an economist.

Alliance Bank Malaysia Bhd Chief Economist Manokaran Mottain said at present, the average wage growth in the country stands at 2.4 per cent weighed by the abundance of foreign labour.

"To elevate wage growth, you need to address foreign labour. Reduce it and I'm sure the wages will go up," he told reporters on the sidelines of the 2019 Malaysia Economic and Strategic Outlook Forum here today. - Bernama