A group of business associations today urged Putrajaya to defer any plan to increase the statutory minimum wage, citing economic uncertainties and rising operating costs.

In a joint statement, the six organisations said the government should review the timing of any increase, given the pressures currently facing businesses, particularly small and medium-sized enterprises and local retailers.

"However, businesses, particularly SMEs and local retailers, are currently facing significant pressures from rising operating, logistics, energy, rental, inventory, and labour costs, as well as increasing competition from international brands," they said.

They added that the ongoing conflict in the Middle East was creating further uncertainty over oil prices, transportation, and logistics costs, while adding inflationary pressure across the supply chain.