Good news for Malaysian employees – they are earning more now as compared to the past.
According to the Salaries & Wages Survey conducted by the Department of Statistics, Malaysia, mean and median monthly wages in the nation have gone up by 6.3% and 5.3% respectively.
The survey found that the median monthly salaries and wages received in 2015 was RM1,600, an increase of 6.5% compared to RM1,500 in 2014.
In addition, the mean monthly salaries and wages increased to RM2,312 compared with RM2,193 in 2014 – with the compounded annual growth rate (CAGR) of 5.3%.
While the median monthly wage was the same for both genders, male employees earned more than their female counterparts on average.
The mean monthly wage for male employees in 2015 was RM2,345 while female employees brought home significantly less with a mean monthly wage of RM2,254. This was despite a CAGR of 5.9% for female employees compared to 4.9% for male employees.
Additionally, the report found that for Malaysian employees, education literally pays.
The monthly salary of employees with tertiary education was found to be twice that of employees with secondary education in both 2014 and 2015.
Last year, the median wages of employees with tertiary education was RM3,100 while those with secondary education only got RM1,500. Meanwhile, the mean wages were RM3,854 and RM1,743 for employees with tertiary education and secondary education respectively.
The report also found that in 2015, the monthly wages of those in the urban area was higher compared to rural area. However, the growth of monthly wages was higher in the rural area than the urban area.