With the continuous hike in prices, some of us may have wondered if we can ever make it with our current monthly wages. Some have even started planning financially on how to cope with the uncertainties with the money that they have.
The question of HOW MUCH is enough has never had its precise answer but economists in Malaysia seem to have found one. According to a report by Sin Chew, economists in Malaysia believe that the basic salary will need to be readjusted to between RM2,500 and RM2,900 in order to cope with the rising inflation and the uncertainties in price hikes.
That’s at least RM1,000 more than the current minimum wage!
Minimum wage = living expenses
A professor of economics from Sunway University Business School said that the cost of living has been increasing due to the supply chain and the rising commodity prices.
He gave an example by saying the price of low-quality rice is still under control but not the price of high-quality rice which has seen an increase, as well as the prices of some vegetables.
“The current inflation rate does not reflect the living cost of ordinary people,” he added.
He also said that the prices people pay when they dine in at restaurants have also gone up to as much as 50%.
“A decent monthly wage needs to reflect on the person’s average living expenses, including a comfortable life and yearly travel.”
It’s a miserable life
In the meantime, a professor of Resource & Environmental Economics from Universiti Utara Malaysia believes that a monthly wage lower than RM2,500 will make people go miserable under these conditions when everything is about PRICE HIKE.
“Wages should provide for shelter, food, transportation and an affordable health care,” he said.
He also said that the inflation rate in Malaysia should have been around 10 to 20% and not 2 to 3% as the government said.
While the minimum wage of RM2,500 may seem distant, or impossible, do you think that amount of minimum wage will finally make us live comfortably with the uncertainties?
Also read: Politician Says Minimum Wage Should Be Revised Again To At Least RM2k To Help Youths/Fresh Grads