Median income in Malaysia rose 6.6% in 2018 versus 2017. More things to buy.

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I love to ask this question when it concerns price of goods or even property. How high could prices of goods or property go up to? To what extent the prices can rise will depend on the salary of the working population. The higher the salary, the more they could afford to pay. Most working people will have increments every year even if they were basically doing almost the same thing as last year.

This is why a clerk who did not bother to upgrade her skill and starting at RM1,500 will have a salary of nearly RM2,500 after working for 10 years. By then, if her skill remains the same and the employer could hire someone who could do the same job for RM1,500 then the clerk will lose her job… This is the world we live in today. Please be competitive yeah. Doing the same thing for higher pay every year is scary! (click here)

Article in malaysianreserve.com Department of Statistics Malaysia chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the median of monthly income for employees in the urban area has increased by 6.6% to RM2,415 while the rural area grew 5.6%. As for average salaries, he said, “The average monthly income for Malaysians grew 7% YoY to RM3,087 from RM2,879 in 2017, while the average monthly income in the urban and rural areas rose 7.5% and 2.1% respectively.”

In terms of income growth for employees with primary education, it rose by 8.1% from RM1,400 to RM1,518. Median income for employees with tertiary education rose 7% YoY to RM3,648 from RM3,400 in 2017, while employees without formal education rose 5.8% to RM1,166. In 2018, a total of 84,000 new employees have entered the workforce. paid employee is defined as a person who works at least 6 hours a day or 20 days per month. More numbers in the Article in malaysianreserve.com

A few things we need to take note of yeah. Salary rise does not mean necessary mean an increasing purchasing power. However, salary rise will usually help push up prices because all businesses seek to maximise profit. If people could pay for it, it will be priced as such. Competitiveness does not come from working for many years. Competitiveness comes from continuous improvement in the skill and capability of the person. Else, when we lose our jobs because someone else could do it for lower pay, there’s no need to blame that person yeah. Anyway, good to know that salaries continue to rise in Malaysia. Happy working.

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Featured image is Photo by ‘Robert Owen-Wahl’ Link: CharterForCompassion.org from FreeImages

Next suggested article: Will Malaysia be in a recession soon? Here is BNM’s assessment

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