The median monthly household income in Malaysia increased to RM5,873 in 2019 from RM5,228 in 2016. It grew at a slower rate of 3.9% a year compared with 6.6% in 2016. At state level, Kuala Lumpur recorded the highest median income (RM10,549), followed by Putrajaya (RM9,983) and Selangor (RM8,210). Here is some other interesting data on household income, as gleaned from a 2019 survey by the Department of Statistics.

Household income in Malaysia

There may have been an increase in salary and wages in 2019, but the high unemployment rate and economic contraction projected for this year on the back of the Covid-19 pandemic cast a grim outlook for Malaysians this year.

Snapshot Of Malaysia’s Salaries And Wages

Three countries - the US, Australia and Israel - accounted for the bulk of the US$13.74 billion (RM55.8 billion) in bank fines issued so far this year to Oct 22, according to Finbold’s Bank Fines Report 2020. The fines are among the higest in history. Notably, the largest fine (US$3.9 billion) issued was to Goldman Sachs, for violations in relation to 1Malaysia Development Bhd (1MDB).

Top bank fines 2020

The year 2020 has not been an easy one for the world’s largest economy, with the highest tally of Covid-19 cases globally to date, a high unemployment rate and civil unrest as a result of escalating racial tensions. With the presidential election set to take place on Nov 3, can Republican Party nominee and US President Donald Trump hold on to the White House and keep his promise to Make America Great Again, or will Americans welcome a new chief in Democratic Party nominee and former vice-president Joe Biden?

Spotlight on US Presidential Election

Although the Movement Control Order (MCO) stays in place until May 12, and might even be extended further, many businesses are making plans to restart their operations as soon as it is lifted. However, it will take a long while for things to return to normal. Do businesses need to establish standard operating procedures (SOPs) to prevent new Covid-19 outbreaks or clusters in the country? The Associated Chinese Chambers of Commerce and Industry of Malaysia asked 916 small and medium enterprises (SMEs) and large enterprises involved in the primary industry, manufacturing, construction and services sectors for their thoughts and needs post-MCO.

Preparing an MCO exit strategy

Averaging at 3.2% in the last decade, Malaysia’s unemployment rate is impressive, especially when compared with that of developed nations. However, some may find it hard to reconcile the country’s stable labour market with the millions of youth who face the harsh reality of unemployment. A comparison with two Southeast Asia counterparts shows that Malaysia has not fared well in bolstering youth employment.