What about you and your family? How was your life in 2009 compared to 2014? Better off or worse off? If you examine the figures, you will realize that household incomes for the working people have increased much faster than the overall economy - especially the lowest 40% income group. Socialist-type measures such as BR1M and subsidy rationalization and all those KR1M school vouchers, etc.. type of aid and benefits will definitely have an impact on transferring wealth from the higher income groups to the lower income groups - even as the entire economy expands impressively. This is reflected in the wages-to-gdp ratio which increased from 29% to 33% - essentially mean that ordinary wage-earner employees are getting a bigger share of the economy compared to companies and Towkays. To be a fairer economy, this figure should rise to at least 40% Since Malaysia is at technical full-employment where everyone who wants to get a job will be able to get a job, any inflation pressures will also translate into higher wages. Remember that even if prices increase, someone will inevitably benefit - either the towkays or the workers that work for the towkays. If you were an economist reading these figures, you will be impressed.
Posted on: Thu, 09 Oct 2014 07:22:32 +0000
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