The median salary in Malaysia's formal sector climbed to RM2,745 in September 2024, indicating a positive labor market trend during the third quarter of the year. This growth aligns with the country's strong economic performance.
Median salary in the formal sector increased by 5.6 percent to RM2,745 in September 2024, reflecting a better labor market landscape in the third quarter of 2024, in line with the country's robust economic performance . Chief Statistician, Datuk Seri Dr. Mohd Uzir Mahidin said, the number of formal Malaysia n citizens employed reached 6.82 million in September 2024, an increase of 2.1 percent compared to the same month last year.
\He added that, in terms of formal employees by gender, male formal citizens accounted for 55.2 percent (3.76 million people) of the total formal workforce in September 2024, receiving a median monthly salary of RM2,782. Meanwhile, female formal workers, comprising 44.8 percent (3.05 million people) of the total formal workforce, received a median monthly salary of RM2,700 during the same period. \The median monthly salary for both male and female formal workers showed an upward trend of 5.2 percent and 7.2 percent respectively, compared to September 2023. Mohd Uzir said, analyzing the statistics of median monthly salary according to age group shows that the 45 to 49 year old group consistently recorded the highest median monthly salary throughout the third quarter of 2024 (September 2024: RM3,627; August 2024: RM3,627; July 2024: RM3,627). According to him, this age group recorded the highest median monthly salary for 22 consecutive months since December 2022. All age groups recorded positive growth in median monthly salary in September 2024. However, formal workers under the age of 20 received the lowest median monthly salary of RM1,500, unchanged since June 2022. Looking at the year-on-year comparison, the 65-year-old and above age group showed the highest year-on-year growth in September 2024, increasing by 9.0 percent to RM2,725. He said, all economic sectors showed positive growth in median monthly salary in September 2024, compared to the previous year. The mining and quarrying sector continued to record the highest median monthly salary of RM5,900, with an increase of 13.5 percent compared to September 2023, although it only accounted for 0.6 percent of the total formal workforce. At the same time, the agriculture sector recorded the lowest median monthly salary of RM2,027, showing an increase of 2.3 percent year-on-year in September 2024, with a contribution of 1.9 percent of the total formal workforce
Formal Sector Salary Median Salary Labor Market Economic Performance Malaysia
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