Malaysia’s Budget 2025, to be unveiled on October 18, is expected to address key issues like petrol subsidies and wage growth. Prime Minister Anwar Ibrahim aims to reduce Malaysia’s RM81 billion subsidy bill without sparking public backlash. While diesel subsidies were cut in June, the government is now considering blanket RON95 petrol subsidies. However, analysts predict no immediate removal of these subsidies or reintroduction of the Goods and Services Tax (GST). Instead, the focus may shift to raising wages, particularly in the private sector, amid an improving economy. The World Bank recently upgraded Malaysia’s growth outlook to 4.9% for 2024.
Wage growth
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