‘Be your own boss if you want to earn more’
Half of Malaysian workers need to take up entrepreneurship: Economist
PETALING JAYA: More Malaysians need to become entrepreneurs if they wish to improve their livelihood.
About 85% of the workforce are in the employment sectors, Universiti Tun Abdul Razak economist Prof Dr Barjoyai Bardai told theSun yesterday.
“At least half of them need to move to other sectors especially entrepreneurship or participate in the gig economy.”
“They can either be in the digital economy or modern agriculture or micro businesses as that would give them higher income,” he said.
He pointed out that more than 60% of EPF contributors are earning less than RM2,000.
“Malaysia workforce is suffering because employees are not being compensated well.”
Over past years, cost of living has increased.
Even though the salary has doubled between 1980 and 2018, expenses rose by between three and six times.
The economist said food prices have gone up by more than 200%, especially for Malaysians who eat out and are into fast food.
“In 1980s, you could get a meal for RM1.50 but today it is up to RM5 or RM6.”
The biggest burden on households is shelter affordability as house prices had increased more than five times within the last 30 years.
“You could still find a double storey link for less than RM150,000 probably at the outskirts of Kuala Lumpur in the 1980s but today it costs you at least RM350,000,” Barjoyai said.
Yesterday, Tourism
Malaysia director-general
Datuk Musa Yusof urged Malaysians to venture into ‘Experiential Tourism’
- a form of tourism that focuses on experiencing a country, city or particular place by engaging with its history, local community, culture, food and environment.
“To purchase a RM350,000 property, a person needs to earn between RM6,000 and RM7,000 monthly.”
Rental too has gone off the roof as prices are four to five times higher than in the 1980s.
“In the 80s, you could get a good imported car at RM35,000 but now it’s RM120,000.
“Car owners need to spend about RM100 on petrol every week,” Barjoyai said.
“They want to rely on public transport but it is so inefficient in a sense that there is still a lack of proper connection from the house to MRT or LRT.”
Federation of Malaysian Consumers Associations chief executive officer Datuk Paul Selvaraj said the government needs to help the middle and low-income groups that are affected by the increasing cost of living.
“The government should help work on a policy by increasing wages in accordance with the cost of living.”
He advised consumers to be more prudent in managing their finances.