Latest news with #labourmarket
ABC News
13 hours ago
- Business
- ABC News
US recession risk at 50 per cent, says geopolitical strategist
Chief geopolitical strategist at BCA Research, Matt Gertken says while there's been a big focus on tariffs, investors should be watching the labour market because rising unemployment is a big risk.
Malay Mail
16 hours ago
- Business
- Malay Mail
As Malaysia grows older, PM says Putrajaya to review retirement age in 13MP
KUALA LUMPUR, July 31 — Malaysia's mandatory retirement age of 60 will be reviewed with the possibility of being raised, Prime Minister Datuk Seri Anwar Ibrahim announced today as part of the 13th Malaysia Plan (RMK13). While tabling the plan in Parliament, Anwar said the government aims to increase the participation of older adults and minority groups in the labour market. 'The mandatory retirement age will also be reviewed to align with the transition to an ageing nation,' he said in his speech. Malaysia last increased its retirement age in 2012, when it was raised to 60. There have been recent proposals to raise this further to 65. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said previously suggested that such a move would better reflect current realities, such as increased life expectancy and better health outcomes. However, the proposal has faced opposition from groups such as the Malaysian Youth Council, which has argued that the policy is not suitable for Malaysia's current labour market dynamics. The proposal comes as Malaysia faces a rapidly ageing society. A projection released earlier this month by the Department of Statistics Malaysia showed the country's median age is expected to rise significantly, from 32.8 years in 2030 to 40.7 years in 2060.
CNA
a day ago
- Business
- CNA
Singapore labour market: Q2 employment grows 8,400, up from 2,300 in Q1
Singapore's labour market grew in the second quarter, as total employment rose more than three times compared to the first quarter. Observers say the gains are favourable but some sectors are still vulnerable. Heron Lim, Lecturer at the ESSEC Business School, discusses hiring trends in the different sectors. He talks about what is driving these trends and what it might signal to jobseekers.
Yahoo
2 days ago
- Business
- Yahoo
Spain's economy grows 0.7% as it continues to outshine eurozone peers
The Spanish economy is continuing on a strong growth trajectory despite global trade uncertainties, with national output (GDP) growing by 0.7% quarter-on-quarter from April to June. GDP jumped by 2.8% year-on-year, according to data published on Tuesday by the National Statistics Institute (INE). In the previous quarter, yearly growth was also recorded at 2.8% and quarterly growth came in at 0.6%, allowing Spain to emerge as one of the fastest growing economies in the eurozone. While other major European economies are grappling with structural crises and the impact of geopolitical tensions, the Spanish economy is progressing solidly. Domestic demand has been key, contributing 0.9 percentage points to quarterly growth. Household spending continued to be the main driver, supported by an expanding labour market. In fact, the second quarter marked a new milestone, with more than 22 million people in employment, according to the Labour Force Survey (EPA). At the same time, the unemployment rate fell to 10.29%, its lowest level since 2008, although still well above the eurozone average. 'The Spanish economy was initially projected to follow a robust growth trajectory through 2025, with a slight moderation expected in 2026. Most forecasts anticipated annual GDP growth in the range of 2.2% to 2.6% for 2025,' said professor of macroeconomics Evi Pappa, at the Universidad Carlos III in Madrid. 'However, data from the first and second quarters of 2025 indicate that Spain is surpassing these expectations,' she added. Miguel Cardoso-Lecourtois, chief economist at BBVA Research, told Euronews that the 'engines of growth' in Spain are nonetheless changing as foreign tourism and government consumption slow. The latter is affected by political fragmentation, preventing the approval of a new budget, while domestic policies to tackle overtourism are slowing spending by non-Spanish residents. 'Growth is now more tilted towards domestic consumption and investment,' said Cardoso-Lecourtois. 'This is happening as inflation is coming down (energy prices), employment growth continues to be strong, wages continue to increase and interest rates go down. … Although government consumption is weak, public investment is relatively strong thanks to emergency funds aimed at helping flood victims in Valencia and NGEU funds.' It also appears that the Spanish economy will escape significant direct effects from the recent trade agreement between the United States and the European Union, which includes a new 15% tariff on many EU exports to the US. 'Given Spain's small share of trade with the US and strong domestic economy, it looks well placed to continue to outperform the euro area over the coming quarters,' said Ángel Talavera, head of Europe economics at Oxford Economics. Peter Vanden Houte, chief economist with ING, told Euronews that Tuesday's GDP figures mean Spain's 2.6% annual growth target is 'certainly achievable'. He added that interest rate cuts are also driving the construction industry in Spain, supporting growth. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Median monthly wage for formal sector hits RM3,000 in Q1 2025
As of March, the formal sector workforce stood at 6.8 million, comprising 55.1% men and 44.9% women. PUTRAJAYA : The median monthly wage for Malaysia's formal sector rose 5.5% to RM3,000 in March, up from RM2,844 a year earlier, according to the Employee Wages Statistics (Formal Sector) Report for the first quarter of 2025, released by the statistics department today. Chief statistician Uzir Mahidin said the increase reflected the country's continued economic growth and the impact of the revised minimum wage policy, which he said had positively influenced the labour market. In a statement, he said that as of March, the formal sector workforce stood at 6.8 million, comprising 55.1% men and 44.9% women. The median wage for male employees remained at RM3,000, while female employees saw a 6.5% increase to RM2,982. The highest year-on-year wage growth was recorded among workers under 20, whose median wage rose 13.3% to RM1,700, largely driven by the reimplementation of the minimum wage policy in February. However, a slight drop was observed in the number of workers aged 20 to 24. Uzir said the mining and quarrying sector posted the highest median wage at RM8,800, although it accounted for just 0.6% of total formal employment. The agriculture sector remained the lowest, with a median wage of RM2,200. Geographically, Kuala Lumpur recorded the highest median monthly wage at RM4,445 in March 2025, followed by Selangor at RM3,300. At the other end of the spectrum, Sabah posted a median wage of RM2,000, while Kelantan and Perlis recorded the lowest at RM1,800. Uzir said 27.4% of Malaysian formal sector workers earned below RM2,000 per month as of March, down 3.8 percentage points from 31.2% in the same month last year. He said a percentile analysis revealed that workers in the bottom 10th percentile earned RM1,700 or less, while those in the top 10th percentile earned at least RM11,000 per month. 'This reflects an income gap where the top 10% earn six times more than the bottom 10%,' he said.
