Government-Linked Investment Companies (GLICs) in Malaysia have implemented a living wage policy for all permanent local employees as part of their commitment to making the Civil Economy initiative a success.
The GLICs involved include Khazanah Nasional Bhd, Permodalan Nasional Berhad (PNB), Employees Provident Fund (EPF), Retirement Fund (Incorporated) (KWAP), Armed Forces Fund Board (LTAT), and Haji Fund Board (TH).
Based on the benchmarks from the 2024/2025 Budget Guide, the living wage is set at around RM3,100 per month, higher than the current minimum wage of RM1,700 which came into effect on 1 February 2025.
Finance Minister II, Datuk Seri Amir Hamzah Azizan said the GLIC move is an important approach to ‘raise the floor’ for inclusive economic growth and improving the well-being of the people.
He added that implementing the vision of the Civil Economy requires the active role of the corporate sector to ensure a lasting impact.
The implementation of this policy is part of the GEAR-uP initiative under the Ministry of Finance which requires GLICs to play a role as a catalyst for the growth of key sectors of the country's economy.
All GLIC company bodies have responded to the call with full dedication and support measures to strengthen the quality of life of workers.
Their determination in supporting the principles of social and economic justice is in line with the Civil Economy framework which is concerned with the well-being of all people.
