LETTERS: I'm all for raising wages. A higher salary allows people to afford a higher standard of living, such as better quality goods, suitable housing, excellent healthcare and access to education.
Additionally, rising salaries will reduce financial strain and offer a sense of stability and security.
Employee productivity and job satisfaction rise when they can concentrate more on their work without having to worry about money.
Equitable payment additionally cultivates a feeling of importance and gratitude in workers, therefore, boosting spirits and encouraging commitment to their employers.
Greater earnings are associated with higher levels of consumer expenditure. People are more likely to spend money on products and services when they have greater disposable income, which increases demand and propels economic growth.
Raising salaries also helps to lessen income disparity, which is important in promoting inclusive economic growth and social stability.
Incremental salaries have been shown to have a favourable effect on the economy.
There is often a noticeable increase in consumer spending in areas or industries where wages have increased.
Furthermore, for the private sector, prioritising equitable pay and employees' welfare may help companies draw in top people and promote a competitive and innovative culture.
What about those who make the case for not raising salaries, including worries about inflation or higher expenses for companies?
These temporary difficulties are outweighed by the long-term advantages.
Organisations that invest in its workers typically see increases in creativity, productivity and staff retention, which balance out the initial rise in labour expenses.
This scenario applies for both the public and private sectors.
DR FAIZ MASNAN
Senior lecturer,
Universiti Malaysia Perlis
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times