That translates into 5.06mn graduates who were in the labour force as of 2022, according to DOSM's Graduates Statistics 2022.
Department of Statistics Malaysia (DOSM) has released its Graduates Statistics 2022 report, citing that as of 2022, the nation has 5.92mn graduates, of which 5.06mn graduates were in the labour force, resulting in a graduate labour force participation rate (GLFPR) of 85.4%, a slight increase from the 85% as of 2021.
Breaking down the graduate labour force by further demographics, it was found that:
- Women have a slight edge over the men's labour force, with a ratio of 51.8% and 48.2% respectively,
- 90.4% of the graduates comprise the urban labour force, while the remaining 9.6% of graduates are part of the rural labour force.
- Higher mean & median monthly salaries & wages were received by employed graduates in 2022, amounting to RM 4,760 and RM 4,128 respectively.
DOSM clarified that graduates, for the purpose of this study, refers to individuals with the highest certificate obtained from universities, colleges, polytechnics, recognised bodies or equivalent, where the duration of study is at least two years.
Correspondingly, with the increase in the number of employed graduates, the graduate unemployment rate also improved, from 4.1% in 2021 to 3.7% in 2022.
Meanwhile, the ratio of graduates outside the labour force came up to 14.6%, and the prominent reasons for these graduates being outside the labour force were:
- Familial obligations (32.4%),
- Retired (37.1%) and
- Currently pursuing studies (26.1%).
Moving forward, the country anticipates moderate economic growth, whereby graduates are considered a crucial part in driving economic progress.
In its analysis, DOSM cited: "Graduates equipped with deep knowledge and relevant skills are expected to lead in driving innovation and make a significant contribution to expanding and advancing various economic sectors.
"Despite global uncertainty, the labor market is projected to remain positively stable in Malaysia, supported by government initiatives aimed at enhancing the overall economic landscape."
This is expected to instil confidence in graduates, that they hold a crucial role in spearheading Malaysia's economic growth.
Photo lead / DOSM