PUTRAJAYA: The Ministry of Economy will initiate the process of formulating policies for the 13th Malaysia Plan (13MP) this year, with the Progressive Wage Policy being one of the components in the five-year plan.
Economy Minister Rafizi Ramli said the formulation and focus of the policies will be closely related to labour market reforms.
He said the policies would be developed in collaboration with other ministries involving various components to shape the idea of labour market reforms in the country.
"The main challenge in our economy is labour market reforms. We need to manage the market and create a job market with better talent.
"The talent market must be competitive to enable aspirations involving a significant boost in new industries," he said at the Majlis Amanat Menteri Ekonomi here today.
Rafizi said many decisions involving fiscal strengthening had been made in 2023, hence 2024 is the implementation phase.
He said the Central Database Hub (PADU) has started, and the subsidy restructuring will take place this year.
He said efforts related to digital and technology will also see the Kuala Lumpur 20 action plan launched by Prime Minister Datuk Seri Anwar Ibrahim in March.
He said 2024 will also mark the Bumiputera Economic Congress as an effort to establish a new direction and approach for the Bumiputera agenda.
"The new approach being pursued by the Ministry of Economy and together with the Ministry of Rural and Regional Development will be translated in the Bumiputera Economic Congress," he added.