PICODI decided to match the costs of basic food products with the minimum wage to see how much of the minimum income an individual must spend on essential products, because food preferences and ideas of a cushty life vary from region to region and even from individual to individual. person.
The list includes eight product groups. Although the list is brief, the amounts provided are sufficient to fulfill the minimum nutrient needs of a median adult:
Milk (10 liters)
Bread (10 loaves, 500 g each)
Rice (1.5kg)
Eggs (20 pcs.)
Cheese (1kg)
Beef and Poultry (6 kg)
Fruit (6kg)
Vegetables (8kg)
According to the PICODY study, the UK, Ireland and Australia are the highest three countries on this category. The share of basic products within the minimum wage ranges from 6.6 to 7.3 percent.
Moreover, the situation for minimum wage staff in India (a rustic within the Asia-Pacific region) is difficult. This is since the bare minimum of basic foodstuffs consumes greater than half of their income.
According to the study, Malaysia ranks top in Southeast Asia despite being ranked forty fifth out of 64 countries with a rating of 35.3%. Thailand (52.7%, 57th place) and Indonesia (52.7%, 57th place).
“A 12 months ago, these products (in Malaysia) were value 34.5% of the minimum wage.
“This implies that prices have risen faster than the present minimum wage.
“They are considered sufficient to meet the minimum nutrient requirements of an average adult and were valued at RM372 as of early 2022,” he said.
Malaysia was ranked fifty fifth on this rating, and the minimum wage remained unchanged in January 2022. The minimum wage in Indonesia increased by 1.4% year-on-year. (52nd place)
The study shows that there was no minimum wage adjustment in ten countries in 2021 in comparison with the previous 12 months. These include Thailand and Vietnam.
Source: 2022 Picodi Minimum Wage Report
