ASLI was invited to Astro AWANI to discuss on the Malaysian Budget 2024. Here are the key takeaways:
• Malaysian youth aspire for job opportunities that align with their qualifications, ensuring a dignified life amidst rising living costs and housing challenges.
• Addressing the low salary issue is critical for Malaysia's future, as neglect can lead to societal challenges, from declining birth rates to the pressure on youth to support an aging population.
• Malaysia's wage distribution, with only 32% of GDP from worker salaries compared to Europe's balanced approach, may indicate artificially suppressed salaries, discouraging youth participation and increasing reliance on immigrant labor.
• Lack of long-term political stability hinders national progress. It's high time politicians prioritise mature political discussions on targeted subsidies for the collective benefit of the nation.
• Recognising and promoting the role of TVET Institution is crucial as they're pivotal in driving the nation's growth. With the TVET and other High Growth High Value (HGHV) industries potentially fueling the majority of the 3.3 million jobs highlighted by NIMP, it's a testament to its transformative role in our economy.
Other distinguished panellist during the live included Prof Emeritus Dr Jomo Kwame Sundaram, Honorary Academic Fellow and Economist, Noor Amy Ismail, COO of MAVCAP, Prof Tan Sri Dr Noor Azlan Ghazali, Director of MINDA-UKM.
We would like extend a sincere thanks to Astro AWANI for their invitation.
To conclude, Malaysia's youth face challenges from rising living costs to job opportunities that match their qualifications. Addressing wage disparities, promoting TVET education, and ensuring political stability are crucial for our nation's sustainable growth and to empower our next generation for a prosperous future.
Moving forward with the 2024 Budget, ASLI believes that enforcement, evaluation & monitoring will be key.
The full session may be watched at https://m.youtube.com/watch?v=GhU6xfAzgPg
