Connect with us


M’sians Need to Earn At Least RM2,700/Month to Live Comfortably, BNM Says


M'Sians Need At Least Rm2,700/Month To Live Comfortably, Bnm Says - World Of Buzz 3
Source: CNBC

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Our salaries never seem to be enough to cover the rising costs of living even as we try our hardest to scrimp and save. Especially if you’re living in big cities like Kuala Lumpur, things just seem to get more expensive. Sad but true!

So, just how much should a single person make to actually live comfortably in Malaysia? According to Bank Negara Malaysia (BNM), in their annual report for 2017, they said that single citizens should be earning RM2,700 a month. Meanwhile, for a family with two children, they should be earning at least RM6,500 for a living wage.

M'sians Need At Least Rm2,700/Month To Live Comfortably, Bnm Says - World Of Buzz

Source: mmo

These amounts are an acceptable living wage, as this means that they can survive with basic necessities as well as still participate in society, be free from financial stress and have personal development. Basically, still can enjoy a little lah! NST reported that based on findings from 2016, BNM governor Tan Sri Muhammad Ibrahim said that these wages would hopefully provide a guideline for employers to provide fair wages.

He said that currently, half of the workforce in Malaysia earns about RM1,700 a month, which is not enough. Meanwhile, the average starting salary is about RM1,550 for diploma holders, which is only RM350 more than the minimum wage of RM1,200, Bernama reported.

M'sians Need At Least Rm2,700/Month To Live Comfortably, Bnm Says - World Of Buzz 1

Source: cnbc

“Since 2014, the incomes of the bottom 40% (B40) of households expanded by 5.8% on an annual basis, equivalent to RM156 per month. However, expenditures grew at a faster pace of 6%, or RM120 per month, which leaves the B40 with little money to spend,” he added.

“In Malaysia, the highest cost of living is actually here (Kuala Lumpur), and to a certain extent, the suggested minimum wage could also be applied in Penang and Johor Bahru. If you are single person living in Muar, and you earn RM2,700, you will live very comfortably because the rental rates and the cost of living are low,” he explained.

Muhammad Ibrahim said that setting this amount as the standard for a living wage would promote a higher quality of life in Malaysia and would encourage productivity. Currently, about 27% of the households in Kuala Lumpur earn below the minimum living wage and consists of people with secondary school education working low-to-middle-skill jobs.

Tertiary graduates fared better as they mostly earned above the minimum living wage, especially those with high skilled jobs. He added that these findings were important to create a workforce that could provide higher living standards for Malaysians. BNM also outlined plans to set up the Malaysia Bureau of Labour Statistics in 2019, which would help the government keep tabs on job creations and monthly salaries.

Hopefully Malaysian employers will follow these guidelines and increase our salaries!


Also read: Singaporean Fresh Grads’ Salary Now Starts at Nearly $3.5k A Month

Singaporean Fresh Graduates' Starting Pay Has Reached Nearly Rm10K A Month - World Of Buzz

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Just In

My Post 1 2024 03 01T164106.275 My Post 1 2024 03 01T164106.275
News13 hours ago

Namewee Issues Hilarious Apology Video After Losing Defamation Suit by Concert Organiser

Back in September of last year (2023), Namewee was taken to court over his YouTube video blasting the concert organiser,...

My Post 1 2024 03 01T141545.684 My Post 1 2024 03 01T141545.684
News15 hours ago

UMNO Politician Calls for Tourism Minister to be Fired for Making Bak Kut Teh Malaysia’s Heritage Dish

So, a few days ago, Malaysian Heritage Commissioner Mohamad Muda Bahadin recently gazetted a series of 10 dishes as heritage...

Collage 14 Collage 14
News19 hours ago

KL Named City With Most Skyscrapers in Southeast Asia, Has 76 More Than 2nd Place Jakarta

Skyscrapers are one of the easiest landmarks to remember about a place. While New York has its One World Trade...

Collage 1 1 Collage 1 1
News20 hours ago

“Most overstayers” – Australia is Reviewing Visa Application Process for M’sians Entering The Country

Australia has become quite the hotspot for Malaysian travellers lately. But it seems like some Malaysians tend to extend their...

Collage Collage
News20 hours ago

Driver in Klang Accidentally Hits a Car While Exiting Parking Spot, Panics & Hits 2 Other Cars Behind

When in panic circumstances, we tend to lose control of how we react to situations. Just recently, the video of...

My Post 1 2024 02 29T141436.969 My Post 1 2024 02 29T141436.969
News2 days ago

Ustaz Ebit Lew’s Hypermarket, Elews Mart, is Closing All Their Door This Year!

Preacher and philanthropist, Ustaz Ebit Lew has been riddled with controversy since alleged victims of sexual harassment came forward to...

Collage 71 Collage 71
News2 days ago

Viral Video Shows M’sian, Positive for Cannabis, Pushing GF Down to Her Death from 23rd Floor in Setia Alam

Arguments are bound to happen in a relationship but it does not mean we can get physical at any time....

Feat Image Bak Kut Teh Feat Image Bak Kut Teh
News2 days ago

“Not everyone can eat pork” – PAS ADUN Questions Bak Kut Teh’s Recognition as National Heritage Food

Last year, a discourse on whether Bak Kut Teh or pork bone broth should be recognised as a Malaysian national...


Latest Videos