Malaysia needs to move away from overdependence on cheap foreign labour and create good job opportunities to match the increasing living cost in urban areas, said Bank Negara Malaysia (BNM) governor Muhammad Ibrahim.
Citing an internal research, he said, the cost of living for a family of four (two adults and two children) in urban areas has increased to RM6,500 a month.
While a single individual needs RM2,700 a month and a family of two adults needs RM4,600 monthly, according to him at a press conference.
"I think as we move forward, it is specifically important that our economy produces (such higher pay) employment," he said.
"This is the (kind of) jobs that we want to create as we move forward," he added.
"If we rely on migrant workers and low-cost model of production, we will not be able to generate good jobs. So, we need to basically shift away from over dependence on foreign labour," he said at a press conference.
The central bank has released the 2016 Annual Report, which also pointed out youth unemployment rate was estimated to have reached 10.7 percent in 2015.
Muhammad said the country produced 120,000 young graduates annually.
[More to follow]
-Mkini
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