KUSKOP's Ongoing Initiatives to Aid SMEs in Adjusting to New Minimum Wage

The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) is supporting SMEs to comply with the new minimum wage increase, set to take effect on February 1, 2025. Deputy Minister Datuk Seri R. Ramanan emphasized initiatives like financial management training to help SMEs manage costs and achieve savings. The wage hike, from RM1,500 to RM1,700 per month, aims to boost GDP and improve workers' livelihoods. KUSKOP has allocated RM40 billion in the 2025 Budget to support SME growth, including expanding into international markets like Uzbekistan. Ramanan also urged SMEs to meet global standards in sustainability and corporate governance to remain competitive.

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