You cannot improve the quality of life or the cost of living in the long-term just by holding down prices. You have to make the cost of living affordable by increasing incomes first.
Economy minister Rafizi Ramli is right to say that many multi-dimensional social and economic issues are best addressed by raising incomes rather than holding down prices.For example, many people on low income are denied healthcare because they cannot afford high transport costs to get to clinics. Many avoid treatment due to high healthcare bills and lack of cash.In cases like this raising incomes helps more effectively than ad-hoc programmes or welfare payments.
If their incomes are higher they can plan and save for the long-term like everyone else. This is more empowering. The government announced in Budget 2023 that no one will fall below a threshold of RM2,500. This sets the floor below which nobody should fall. For middle income earners, allowing flexible working arrangement and working from home reduces working hours and frees time to earn a secondary income.
So incentives and a change in mindset are required and so are new policies that empower employees and reduce costs to employers.
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