Budget 2027 Addresses Urban Household Pressures -- SEAFIC
KUALA LUMPUR, Oct 11 (Bernama) – Budget 2027 addresses the pressures faced by urban households, including the squeezed middle and lower-income groups, through measures covering wages, housing, social protection and food affordability, according to the Southeast Asian Futures Initiative Centre (SEAFIC).
Among the measures highlighted by SEAFIC is the increase in the minimum wage from RM1,700 to RM2,000 from June 2027 for companies with annual revenue exceeding RM50 million, covering more than four million workers.
“A proposed RM2,500 starting pay for graduates and semi-skilled jobs gives them a steadier footing to rent, save or borrow. The Government-Linked Investment Companies (GLICs) and Government-Linked Companies (GLCs) living-wage benchmark rises from RM3,100 to RM3,400 for 230,000 workers, setting a benchmark for private sector employers,” it said in a statement.
The Housing Credit Guarantee Scheme (SJKP) will guarantee RM20 billion in loans for 80,000 first-time homebuyers, while Bank Simpanan Nasional (BSN) and Agrobank will provide RM270 million to help gig workers start businesses and buy homes.
On food affordability, SEAFIC said the Sumbangan Asas Rahmah (SARA) programme could now be used to purchase fresh produce at 216 Federal Agricultural Marketing Authority (FAMA) farmers’ markets.
Allocations for Jualan Rahmah and Agro MADANI have also increased to RM750 million, with 30,000 Jualan Rahmah programmes planned for urban public housing areas to help reduce grocery and transportation costs.
“Other notable measures addressing the urban squeeze include the MyKomuter50, which saves users up to RM160 a month, and no stamp duty for first homes up to RM500,000, as well as Medi Asas, a medical insurance plan that complements other social security measures,” it added.
SEAFIC chairman Tengku Datuk Seri Zafrul Abdul Aziz said the budget addressed issues the centre continued to track, particularly the impact of broader geopolitical and geoeconomic developments on businesses and households.
“The next step is delivery of these measures. Done well, Malaysia can show the region that growth in the economy and more holistic support for households can go hand in hand,” he said.
-- BERNAMA