Statutory minimum wage to undergo annual review

The government will review the minimum age through two indicators.

The government has accepted the Minimum Wage Commission’s recommendation to annually review the Statutory Minimum Wage (SMW) rate, with the first adjustment effective 1 May 2026.

The government will also adopt a formula for implementing the annual review, which involves inflation and economic growth indicators, to be assessed after five to 10 years upon implementation.

These indicators will ensure that rate adjustments will not fall below the headline Consumer Price Index inflation, and the rate of increase in the SMW will be higher than inflation when the economy performs well.

In addition, the Minimum Wage Commission must submit its next recommendation report on the SMW rate on or before 31 October, to take effect on 1 May 2025.