Latest news with #wages
Bloomberg
a day ago
- Business
- Bloomberg
Japan Ruling Party Makes Election Pledge of 50% Pay Rise by 2040
Japan's ruling party said it aims to ensure workers secure a cumulative 50% pay increase by 2040 with the economy expanding to a value of ¥1 quadrillion ($6.9 trillion) as it unveiled its platform ahead of a national election next month. The Liberal Democratic Party will try to ensure real wages and nominal wages rise annually by 1% and 3%, respectively, so that annual pay will increase by ¥1 million by fiscal 2030, according to its campaign manifest released on Thursday.
Malay Mail
a day ago
- Business
- Malay Mail
DOSM: Average Malaysian salary grew to RM3,332 in 2022, but disparity across sectors and skills persists
KUALA LUMPUR, June 19 — The average monthly salary and wages of Malaysian employees stood at RM3,332 in 2022, reflecting an annual growth rate of 3.7 per cent as compared to RM2,590 in 2015, the Department of Statistics Malaysia (DOSM) has revealed. According to the Economic Census 2023 Employment and Salaries & Wages Statistics report released today, those employed in the mining and quarrying sectors earned the highest monthly wages at RM9,422 in 2022 (2015: RM7,980). This was followed by the manufacturing (RM3,513), services (RM3,493), and construction (RM2,536) sectors — all reflecting steady wage growth since 2015. The agriculture sector remained the lowest-paid, with average monthly wages at RM1,827 in 2022, compared to RM1,463 in 2015. In terms of skill levels, semi-skilled workers made up the majority of full-time employees in 2022, comprising 59.8 per cent or 5.6 million of the total full-time paid workforce of 8.6 million. Skilled workers accounted for 22.3 per cent, recording a 3.1 per cent annual growth rate since 2015, while low-skilled workers made up 17.9 per cent of the workforce with a 3.5 per cent annual growth rate. Average monthly salaries for skilled workers stood at RM6,967 in 2022 (2015: RM6,277), reflecting a compound annual growth rate (CAGR) of 1.5 per cent. Semi-skilled workers earned RM2,548 in 2022 (2015: RM1,832), with a CAGR of 4.8 per cent, while low-skilled workers saw their wages rise to RM1,798 (2015: RM1,280), with a CAGR of 5 per cent. Geographically, the workforce remained heavily concentrated in Selangor, the Federal Territories of Kuala Lumpur, and Johor — which together accounted for 56 per cent of the national total in 2022. By establishment size, Micro, Small and Medium Enterprises (MSMEs) continued to dominate employment in the services sector, with 6.5 million people employed in 2022. In contrast, large enterprises employed 3.5 million people, or 34.8 per cent of the workforce. Within MSMEs, 70.2 per cent of employees were engaged in the services sector, particularly in wholesale and retail trade, as well as food and beverage subsectors. 'The salaries and wages gap between MSMEs and large enterprises in Malaysia remained substantial, reflecting structural differences in scale and productivity. 'Workers in large enterprises earned on average 47.5 per cent more than those in MSMEs. 'Average monthly salaries and wages of employees in large enterprises stood at RM4,145, compared with RM2,810 in MSMEs,' the report stated. Chief Statistician Datuk Seri Mohd Uzir Mahidin said the report offered a clear snapshot of the nation's labour landscape. 'A deeper understanding towards labour cost and employment patterns is key to inclusive growth development and uplifting the nation's competitiveness,' he said. The full report is available on DOSM's official portal.
SBS Australia
2 days ago
- Business
- SBS Australia
Australia's unemployment rate set to remain steady at 4.1 per cent
Australia's jobless rate is expected to remain low, while those seeking new work are likely to receive a boost to their pay packets. Labour force figures for May, to be released on Thursday, are tipped to show the unemployment rate holds steady at 4.1 per cent. Economists predict about 20,000 new jobs were added to the economy for the month of May, following a bumper increase of 89,000 in April. With the labour force participation rate also set to remain unchanged at 67.1 per cent, the Australian Bureau of Statistics figures are poised to show a tightening of the jobs market. Listed salaries have increased by 3.6 per cent for the year to May, according to a report by online job site Seek. The site's advertised salary index showed growth in pay rates for new positions has remained steady over the past year. But monthly growth in May was just 0.2 per cent, the smallest one-month increase since October. Seek senior economist Blair Chapman said the increase in wages advertised was a welcome rise. "The growth in average advertised salaries is currently outpacing living costs, which is good news for those switching employers as they are likely gaining a real wage increase," he said. "This means they can purchase more goods and services or save some of their additional earnings." Treasurer Jim Chalmers said reducing unemployment levels had also been accompanied by a decrease in inflation. "No major advanced economy has combined unemployment in the low 4s with inflation under 2.5 and three years of continuous growth," he said in an address at the National Press Club on Wednesday. "We know this welcome progress in the national aggregate data doesn't always translate into how people are feeling and faring in local communities. But real wages are growing again." Chalmers has flagged potential tax reform during his second term in the role, which will be examined at a productivity summit to be held in Canberra in August. "This is all about testing the country's reform appetite. "I am prepared to do my bit, the government is prepared to do its bit, and what we'll find out in the course of the next few months is whether everyone is prepared to do their bit as well."
Yahoo
2 days ago
- Business
- Yahoo
Unemployment to hold steady as pay packets swell
Australia's jobless rate is tipped to remain low, while those seeking new work are in line for a boost to their pay packets. Labour force figures for May, to be released on Thursday, are tipped to show the unemployment rate hold steady at 4.1 per cent. Economists predict about 20,000 new jobs will be added to the economy for the month, following a bumper increase of 89,000 in April. With the labour force participation rate also set to remain unchanged at 67.1 per cent, the Australian Bureau of Statistics figures are poised to show a tightening of the jobs market. Listed salaries have increased by 3.6 per cent for the year to May, according to a report by online job site Seek. The site's advertised salary index showed growth in pay rates for new positions have remained steady over the past year. But monthly growth in May was just 0.2 per cent, the smallest one-month increase since October. Seek senior economist Blair Chapman said the increase in wages advertised was a welcome rise. "The growth in average advertised salaries is currently outpacing living costs, which is good news for those switching employers as they are likely gaining a real wage increase," he said. "This means they can purchase more goods and services or save some of their additional earnings." Treasurer Jim Chalmers said reducing levels of unemployment had come about while inflation had also been brought down. This is why economic reform matters. We've made a lot of progress together in our first term making our economy more productive, dynamic and resilient to help deliver a better standard of living for all know there's more to do and that's why the reform… — Jim Chalmers MP (@JEChalmers) June 18, 2025 "No major advanced economy has combined unemployment in the low 4s with inflation under 2.5 and three years of continuous growth," he said in an address at the National Press Club on Wednesday. "We know this welcome progress in the national aggregate data doesn't always translate into how people are feeling and faring in local communities. But real wages are growing again." The treasurer has flagged potential tax reform during his second term in the role, which will be examined at a productivity summit to be held in Canberra in August. "This is all about testing the country's reform appetite," Dr Chalmers said. "I am prepared to do my bit, the government is prepared to do its bit, and what we'll find out in the course of the next few months is whether everyone is prepared to do their bit as well."
The Guardian
2 days ago
- Business
- The Guardian
Sheffield Wednesday hit with ban on transfer spending until January 2027
Sheffield Wednesday have been banned from spending money on transfers until January 2027 following the repeated failure of the Championship club to pay players' wages. The EFL has levied what it calls a 'fee restriction' on Wednesday, which will run for the next three transfer windows, including this summer one, after the club '[exceeded] 30 days of late payments' during the past 12 months. Wednesday are to appeal the decision. Separate disciplinary charges have also been brought against Wednesday's owner, Dejphon Chansiri, 'in respect of non-payment of player wages in March 2025 and May 2025,' the EFL said. The charges will be heard by an Independent Disciplinary Commission. A fee restriction means a club cannot pay or commit to pay any transfer fee, compensation fee or loan fee in the transfer market. Under EFL rules a club can still 'staff up' while under restriction but can only sign players on loan without paying a fee or 'players not registered with another Club'. According to reports, some Wednesday players were still waiting this week for their wages for the month of June to be paid. Under Fifa regulations, players who have not received their agreed compensation on two separate months in a calendar year are able to serve notice of their intention to terminate their contract with just cause. Chansiri took control at Wednesday a decade ago and the Thai businessman's leadership of the club has been increasingly controversial. There has previously been late payment of tax bills, a six-point deduction in 2020 for breaching the EFL's profitability and sustainability rules and a threat last August to ban anyone who attended Hillsborough in a fake shirt. In 2023 Chansiri also said he would stop funding the club following criticism from supporters, but he is understood to have been injecting £3.5m into the club on a monthly basis in recent times. The Labour MP for Sheffield South East, Clive Betts, recently accused Chansiri of 'holding the club hostage' after he rejected bids to buy the club from an American consortium. 'It is clear that Chansiri does not have the ability or resources to fund and invest in Sheffield Wednesday,' Betts said. Sign up to Football Daily Kick off your evenings with the Guardian's take on the world of football after newsletter promotion The club posted the EFL's statement on its website on Wednesday, adding that it was 'unable to make any further comments at this time'.
