Salaries for highly-skilled talent in Malaysia are projected to soar to a total annual premium of RM10.08 billion (USD2.52 billion) by 2030, driven by a potential shortage of 94,000 highly-skilled employees, according to a new study by Korn Ferry (NYSE:KFY). Wage premiums are amounts employers could be forced to pay employees, over and above normal inflation increases.
Korn Ferry’s Salary Surge study estimates that annual wage premiums for highly-skilled talent in the Finance, Insurance, Real Estate and Business Services sector in Malaysia will total RM1.896 billion (USD474 million) by 2030; while the Technology, Media and Telecommunications (TMT) sector’s total is expected to reach RM744 million (USD186 million). The country’s Manufacturing sector meanwhile could see annual wage premiums totalling RM540 million (USD135 million).
According to the World Bank Group, 18.9% of private sector businesses in Malaysia experienced electrical outages from March 2015 to May 2016. With the average duration of a typical electrical outage at 3.8 hours, more than 10% of businesses had backup power in the form of generators.
The study also showed that businesses that utilized generators used them regularly, with over 20% of the electrical power consumed by these businesses, supplied by these generators.
As the Raya season approaches, Malaysians are gearing up to hit the road and reunite with their families to celebrate.
According to the Royal Malaysian Police, the influx of traffic on the road results in up to 1,500 accidents per day during the Hari Raya period every year.