Anwar, who is also finance minister, said a more specific allocation for entrepreneurs would also be unveiled in Budget 2024, Bernama reported.

He said that Putrajaya was currently seeking funds to partially cover the salary adjustment for those in the private sector.

Anwar went on to say that factories made billions of ringgit in profit, but had yet to pay their workers a minimum wage.

“So, we will find new methods and mechanisms to ensure workers’ salaries are increased,” he was quoted as saying in his speech at a meeting with entrepreneurs at Dewan Konvensyen Taman Tamadun Islam here.

On Sunday, economy minister Rafizi Ramli said there was a possibility of allocating funds to help increase the wages of those in the public sector.

Rafizi said that if Putrajaya were to earmark a huge allocation to increase wages every year, it would ultimately be injected back into the economy.

On Monday, Anwar said Putrajaya was targeting a 45% increase of the wage share ratio, which is 12.6% more than what was recorded in 2022.