Article Search By : En. Zainal Abidin Ahmad

Source : Astro Awani

The salary adjustment of civil servants is expected to significantly stimulate Malaysia's economic growth and benefit small and medium enterprises (SMEs), especially in the real estate and retail sectors, said Housing and Local Government Minister Nga Kor Ming.

"The increase in the income level of civil servants is expected to stimulate domestic spending. This will create more business opportunities for SMEs, especially for those in the real estate and retail sectors, generating more job opportunities and driving economic growth.

"I believe the salary adjustment soon, which will be announced by the Prime Minister, Datuk Seri Anwar Ibrahim will impact billions of ringgit in spending and generate a double impact on the market," he said in a statement.

Several international institutions including JP Morgan and Goldman Sachs have raised their ratings for the Malaysian capital market. The economic research institute also projected the country's economic growth in the second quarter of this year to exceed six percent, surpassing the government's initial expectations.

In the first quarter of this year, Malaysia's economy grew 4.2 percent year-on-year, driven by increased household spending, high trade volumes and a recovering labor market.

The number of employed individuals exceeded 17.1 million, the highest ever recorded, while the unemployment rate dropped to 3.3 percent, thus indicating full employment.

Kor Ming emphasized the strong recovery and steady growth of the Malaysian economy under Anwar's leadership.

"Full employment not only means more people have regular income and job opportunities, but also shows that the country's economic resilience and productivity has increased significantly," he said.

He said the MADANI government will continue to monitor economic development trends and is committed to fostering comprehensive and sustainable economic growth through various policy measures to ensure that all sectors and industries benefit from economic prosperity.

Anwar is expected to make an important announcement about the Public Service Remuneration System (SSPA) at the 19th Public Service Prime Minister's Meeting (MAPPA) at the Putrajaya International Convention Center tomorrow.

Senior Deputy Director (Competence Development) of the National Institute of Public Administration (Intan) Datuk Dr Haniff Zainal Abidin said the announcement is expected to attract a lot of attention, especially among civil servants.

Date of Input: 26/09/2024 | Updated: 30/09/2024 | muhammad.isam