Kuala Lumpur:Budget 2027 introduces initiatives to ease the pressures on urban households, focusing on middle and lower-income groups with measures on wages, housing, social protection, and food affordability.
According to BERNAMA News Agency, the Southeast Asian Futures Initiative Centre (SEAFIC) highlighted several key measures. The minimum wage will be increased from RM1,700 to RM2,000 starting June 2027 for companies with annual revenues exceeding RM50 million, impacting more than four million workers.
The budget also proposes a starting salary of RM2,500 for graduates and semi-skilled workers to provide financial stability for renting, saving, or borrowing. Government-Linked Investment Companies (GLICs) and Government-Linked Companies (GLCs) will see a living-wage benchmark increase from RM3,100 to RM3,400 for 230,000 workers, setting a standard for private sector employers.
For housing, the Housing Credit Guarantee Scheme (SJKP) will provide RM20 billion in loan guarantees for 80,000 first-time homebuyers. Additionally, Bank Simpanan Nasional (BSN) and Agrobank are allocating RM270 million to assist gig workers in starting businesses and purchasing homes.
In terms of food affordability, SEAFIC noted that the Sumbangan Asas Rahmah (SARA) programme can now be used to buy fresh produce at 216 Federal Agricultural Marketing Authority (FAMA) farmers' markets. The budget has also increased allocations for Jualan Rahmah and Agro MADANI to RM750 million, with plans for 30,000 Jualan Rahmah programmes in urban public housing areas to lower grocery and transportation costs.
Other significant measures include the MyKomuter50, which offers savings of up to RM160 a month, and the exemption of stamp duty for first homes valued up to RM500,000. The Medi Asas medical insurance plan will complement existing social security measures.
SEAFIC chairman Tengku Datuk Seri Zafrul Abdul Aziz emphasized that the budget addresses ongoing issues such as the effects of geopolitical and geoeconomic developments on businesses and households. He stressed the importance of effective implementation, suggesting that successful delivery could position Malaysia as a regional example of balancing economic growth with comprehensive household support.