minimum wage, malaysia budget 2022, ismail sabri yaakob

He also reminded all listed companies to appoint at least one female director by the deadline of 1 June 2023, as first shared in the Budget 2022 announcement.

Malaysia's Prime Datuk Seri Minister Ismail Sabri Yaakob has assured that permanent employees of government-linked companies (GLC) and government-linked investment companies (GLIC) will be paid at least RM1,500 in monthly salaries.

The Prime Minister stated this in his speech at GLC Open Day 2022, on Friday (11 March 2022).

As cited by Bernama, PM Ismail said this minimum income level "should be practised by the private sector to help workers address the cost of living challenges, especially for low-income workers."

In his speech, the Prime Minister also reaffirmed two commitments in line with Malaysia's Budget 2022 which was announced in October last year, namely:

  1. All listed companies are required to appoint at least one female director by a deadline of 1 June 2023, and
  2. At least 30% must be a member of the board of directors ahead of the annual general meeting in 2023. 

To recap, in the tabling of Budget 2022, Minister for Finance Tengku Zafrul Aziz had above that both requirements will take effect from 1 September 2022 for large-cap companies, and from 1 June 2023 for the remaining listed companies.

The finance minister had noted that currently, women hold 25% of Board positions on the top 100 public-listed companies. However, 27% or 252 companies listed on Bursa Malaysia still do not have any female directors.

Last, Prime Minister Ismail also recommended on Friday that all GLCs and GLICs set in place a medium-term target and net-zero carbon target by 2050, a part of the 12th Malaysia Plan (12MP).

As further cited by Bernama, the PM shared: "GLCs and GLICs contribute about RM445bn (25%) of Bursa Malaysia's market capitalisation, providing direct employment to half a million Keluarga Malaysia and forming the most important contributor to the country's supply chain.

He also noted the importance of achieving the "aspirations of developed countries through the 12MP in the country's socio-economic development", along with the need to restructure government policies "to enhance the resilience of the rakyat and Malaysia's competitiveness on the world stage."

Photo / Office of the Prime Minister of Malaysia

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