Monthly median wages in the formal sector rose by 4.9 percent

Monthly median wages in the formal sector rose by 4.9 percent

Kuala Lumpur: Monthly median wages in the formal sector rose by 4.9 percent year-on-year to RM2,900 in December 2023, according to the Fourth Quarter 2023 (ST4 2023) Wage Statistics Report (Formal Sector) published today.

Wages include all remuneration to employees in the form of money including bonuses, commissions, and allowances during the reference period.

Chief Statistician Datuk Seri Mohd Uzir Mahidin said in a statement today that the number of formal sector employees in Malaysia was 6.67 million in December 2023, up 1.8 percent compared to the same month the previous year.

“In terms of formal sector employees by gender, male formal sector workers make up 55.5 percent of the total formal sector workforce or equivalent to 3.70 million people in December 2023.

“The monthly median wage for male formal sector workers is RM2,945, while female formal sector workers, who make up 44.5 percent (2.97 million people) of the total formal sector workforce, earn RM2,845,” he said.

Looking at wage statistics by age group, the 45 to 49 age group received the highest monthly median wage of RM3,927.

He said this age group also received the highest monthly median wage in October (RM3,500) and November (RM3,500).

Meanwhile, the monthly median wage for Malaysian formal sector workers under the age of 20 was RM1,500 in December, remaining unchanged for 19 consecutive months.

Regarding the wage situation by economic activity, he said in ST4 2023 all sectors recorded a year-on-year increase in monthly median wages, with the mining and quarrying sector receiving the highest monthly median wage of RM6,844, although it only represents 0.6 percent of the total formal sector workforce.

Mohd Uzir said the monthly median wages showed positive year-on-year increases for all states in the last three months of 2023.

“The three states with median monthly wages higher than the national median wage of RM2,900 are the Federal Territory of Kuala Lumpur with the highest median monthly wage of RM4,045, followed by Penang (RM3,245) and Selangor (RM3,164).

“Kelantan, Perlis, and Sabah recorded the lowest median monthly wages of RM1,600, RM1,700, and RM1,882 respectively,” he explained.

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