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A recent World Bank (WB) report has confirmed what many Malaysian professionals have been feeling: Wages are simply not keeping up
While the economy is technically growing, the report noted that the gains are not sufficiently filtering down to the middle class.
The international financial institution revealed its findings in its latest report, 'Raising the Ceiling, Raising the Floor', released on 14 May.
In it, WB detailed several factors contributing to the slow wage growth.
It found that Malaysia's productivity has slowed, with wage growth being weakest among middle-income earners
While minimum wage has increased and top earners continue to see gains, those in the middle-income bracket are experiencing stagnant earnings.
Due to the lagging productivity levels, Malaysian workers also do not see the same productivity gains as their regional peers.
According to WB, Malaysian workers were twice as productive as those in China in 2010. However, in 2024, China has effectively caught up, while Singapore — already ahead of Malaysia — has widened the gap further.
Because Malaysian workers aren't producing 'higher-value' output at a faster rate, employers are hesitant to offer the 'higher-value' salaries many are seeking.
"The question is no longer whether Malaysians have jobs, it's whether those jobs are productive enough, whether they are well matched enough to the skills or the capabilities of workers in the labour market, and, I think importantly, whether they pay well enough to deliver on Malaysia's high-income aspirations," World Bank senior economist Dr Matthew Dornan said during the presentation of the report, according to The Edge Malaysia.
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World Bank Identifies 4 Reasons Why Salaries In Malaysia Low
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