Malaysia to raise minimum wages, expand tax relief in $112.5 billion 2027 spending boost
- On Friday, Prime Minister Datuk Seri Anwar Ibrahim tabled Malaysia's RM459.8 billion 2027 budget in Parliament, stating it should be judged on "whether more people can live with dignity."
- Growing fiscal pressure from rising global oil prices and recent coalition setbacks in regional elections prompted the expansionary spending plan, fueling expectations of early national polls.
- State energy firm Petronas will pay the government a dividend of RM32 billion in 2027, up from a revised estimate of RM27 billion this year.
- Welfare enhancements under Anwar's plan include raising the monthly minimum wage to RM2,000 effective June 2027 and expanding personal tax relief to RM12,000 for millions of Malaysians.
- The government targets a narrower fiscal deficit of 3.3 per cent in 2027 while forecasting slower economic growth and higher inflation, maintaining its commitment to medium-term fiscal objectives.
23 Articles
23 Articles
17 key takeaways from Malaysia’s 2027 budget - ‘live with dignity’
Malaysia plans to spend 460 billion ringgit (US$112.6 billion) under its 2027 budget, expanding welfare assistance and tax relief while retaining fuel subsidies as households contend with higher living costs. Prime Minister Anwar Ibrahim, who is also finance minister, presented the spending plan in parliament on Friday as his government faces pressure for an early election following a series of state poll defeats. Anwar said the budget should be…
Malaysia to raise minimum wages, expand tax relief in spending boost for 2027 budget
Malaysia Prime Minister Anwar Ibrahim on Friday (Oct 9) pledged to implement reforms that he said would allow the country's strong economic growth to trickle-down to ordinary Malaysians.
Anwar Ibrahim said this step is a government strategy to narrow the gap between productivity and workers' wages.
Malaysia plans $144b budget for 2027 ahead of possible election
KUALA LUMPUR — Malaysia's government on Friday proposed a moderately expansionary budget of 459.8 billion ringgit (S$144 billion) for 2027, ramping up spending ahead of a possible election despite growing fiscal pressure from a jump in global oil prices.Malaysia's annual subsidy bill has ballooned amid higher energy costs from the US-Israeli war on Iran, prompting a narrow upward revision of...
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