Household incomes on the rise

  • Nation
  • Monday, 08 Sep 2014

KUALA LUMPUR: The preliminary report of the 2014 Household In­­come Survey undertaken by the Govern­ment indicates that the people are now enjoying a better standard of living – with the average household income surpassing RM5,900 a month.

Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar (pic) said this was significantly better compared with the findings in 2012, which put the average household income at RM5,000 a month.

He said Malaysia had been successful in stimulating the economy, as proven by the commendable gross domestic product (GDP) growth of 6.3% in the first half of the year.

“However, growing the economy alone is not enough because we must also ensure that it is being felt by the people in terms of higher wages.

“But it must be parallel with productivity (growth),” he told reporters on the sidelines of the Global Economic Symposium 2014 here yesterday.

The ratio of wages to GDP in Malaysia grew to 33.6% last year from 29.3% in 2008.       

On the 11th Malaysia Plan, Abdul Wahid said preparations for the tabling of the plan in May next year are going on smoothly, and discussions had been conducted with all states except Sabah.       

“I will be meeting the Sabah chief minister and his Cabinet members next week,” he added.

The three-day symposium which started on Saturday is organised by Kiel Institute for the World Economy and hosted by Universiti Teknologi Mara.       

Previous symposiums were held in Istanbul and Rio de Janeiro. — Bernama

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Business , household income , Wahid Omar , economy


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