Consumer Sector to Perform Better After Wage Increases

Many consumer sector companies may see potential profits after determining the 2024 provincial minimum wages.

Tim Redaksi

27 Nov 2023 - 19.33
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Consumer Sector to Perform Better After Wage Increases

Illustration - Workers are loading and unloading instant noodles./Bisnis.

Bisnis, JAKARTA — Several consumer sector companies may see potential profits following the determination of 2024 provincial minimum wages. The provincial minimum wage (UMP) increase was announced on November 21, 2023, and stipulated in Government Regulation (PP) No. 51/2023 concerning changes to PP No. 36/2021 regarding wages. Based on data compiled by Bisnis, the highest wage figure is still in the Jakarta province.

The Jakarta Provincial Government set UMP 2024 at IDR5.06 million, an increase of 3.6% compared to UMP 2023. Percentage-wise, the highest UMP increase is in North Maluku Province, with a 7.5% increase, followed by Yogyakarta Province at 7.27%, East Java at 6.13%, and Central Sulawesi at 5.28%.

Kiwoom Sekuritas Indonesia analyst Abdul Azis Setyo Wibowo said stocks in the consumption and retail sectors are usually affected by wage increases. However, he advises investors to examine other data that influence the consumer sector.

“The increase in UMP has the potential to boost consumer spending, but it is also necessary to examine other data and how significant it will affect the public purchasing power,” Azis told Bisnis, quoted on Saturday (11/25/2023).

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Editor: Yusuf Waluyo Jati
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Consumer Sector to Perform Better After Wage Increases

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