MEF president Syed Hussain Syed Husman said the postponement allowed micro, small and medium-sized companies to balance their books.

This was especially so in view of the economic challenges expected next year, he said.

Syed Hussain said the deferment would also provide such companies time to build their businesses and cash flow to keep afloat.

“Employers value their employees as they are their asset,” he said in a statement.

“This is an issue of sustainability, keeping their business alive, retaining all their staff and building back their financial position.

“No employer wants to lose their experienced employees over this. Too much time and investment have been placed in them to grow their skills and expand their knowledge.

“MEF is appreciative that Sivakumar listens to business requirements. Keeping more businesses alive will create more employment,” he said referring to human resources minister V Sivakumar.

While the Minimum Wage Order 2022 came into effect across all sectors on May 1 this year, an exemption until Dec 31 this year was given to employers who employed fewer than five workers.