KUALA LUMPUR, July 5 ― The average income of Bumiputeras is a fifth less than other communities and hampering their ability to own property, the Malay Economic Action Council (MTEM) said today.
According to Utusan Malaysia, MTEM chief executive Erhandfadli Mohd Azrai said that salary growth is slower compared to wealth growth achieved through investments, and thus relying on salaries to generate capitals would not be fruitful.
“The obvious limitations is a lack of wealth generation. How are we supposed to chase or lead the race if we are walking while others are running?” he reportedly said.
In 2014, the transaction for properties showed that Bumiputeras, at 39.5 per cent, still record fewer transactions compared to non-Bumiputeras, at 53.4 per cent.
“The average salary growth is only 8 per cent. Meanwhile, the growth of investment assets averages at 15 per cent a year,” he said.
“Salary growth is clearly is clearly slower because salaries rely on limited working hours,” he added.