However, Dr Michael Jeyakumar warns that raising wages too much may cause the country to lose out on important investments. FMTNews
PSM chairman Dr Michael Jeyakumar says Malaysia has been marketed to foreign investors as a low-wage economy.
Speaking after a forum in Cheras here last night, he suggested making use of Asean free-trade agreements and the United Nations’ Group of 77 to ensure that wages are not raised to the advantage of competitors. “The middle-income trap is because we were integrated into the world economy on the basis of low wages,” he said.Some 70% of Malaysians are reportedly wage-earners in various sectors.
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