Malaysian workers' salaries expected to go up by 20 per cent
KUALA LUMPUR – Workers in the country are expected to receive a three to 20 per cent salary adjustment depending on the industry, the highest being the technology and manufacturing industries which will witness a dramatic change in the internal salary structure.
According to human resource service provider Randstad's 2023 Job Market and Salary Trends Report, the rising cost of living and inflation in Malaysia had impacted the people’s ability to afford basic needs and a comfortable lifestyle.
The report said there were no salary and career advancement when companies froze hiring, salary increment and bonus payments in 2020 during the Covid-19 pandemic.
“In response to the rising interest rate, companies are revising their salary benchmark to retain and attract new talent,” Randstad said in the report.
The report also revealed that the construction, manufacturing, and technology industries were all experiencing skill developments in terms of talents and abilities.
"The technology sector will adopt a more cautious approach in hiring and managing employees, focusing on talent demand in cloud computing, cyber security, artificial intelligence, virtual reality, blockchain and the Internet of Things (IoT).
"Demand for technical and commercial talent in the manufacturing industry also continue as companies seek to increase digital transformation 4.0 in automation, digitisation and experience," the report said.
Meanwhile, property and infrastructure development in the construction industry will create more high-skilled jobs for local workers but may create problems with a persistent skills gap.
