According to salary surveys conducted by the Malaysian Employers Federation (MEF) for executives and non-executives, the average pay increase this year is less than it was last year.
According to polls conducted by 236 companies and released today as part of a series of survey releases, CEOs’ average pay increases this year were 4.90%, compared to 5.88% last year.
“Meanwhile, the average salary increase for non-executives this year was 4.85%, lower than last year’s 5.56%.
“We can say 2023 was quite a good year for us. In 2024, we are still trying to adjust to the situation overseas with the wars in Europe and the Middle East,” said MEF executive director Shamsuddin Bardan.
He said that in over 90% of the organizations assessed, employee performance served as the main factor in determining pay increases.
According to Shamsuddin, the average pay increase for executives and non-executives is expected to be 5.5% and 5.41%, respectively, in the upcoming year.
MEF president Syed Hussain Syed Husman added that the federation was hopeful for a “much better position” next year due to the government’s assistance, programs, and incoming investments, based on the favorable trend demonstrated by domestic indicators.
82.3% of 226 private sector companies in Malaysia who participated in a survey on flexible working arrangements recommended that employers come up with clear legislative guidelines that specify the best practices for their workplaces.
According to Shamsuddin, this would promote the broader use of flexible work schedules.
According to him, 69% of the businesses also suggested grants and tax breaks to encourage remote work technologies.
“64.5% also emphasised the need to enhance social security measures, while 63.1% are calling for government grants to aid the acquisition of technology and equipment necessary for flexible working arrangements,” he said.
