According to the Department of Statistics Malaysia (DOSM), the median monthly wages for the formal sector in Malaysia saw a year-on-year increase of 4.9 percent, reaching 2,900 ringgits (approximately 616 U.S. dollars) in December 2023.

The data revealed that male formal employees, who make up 55.5 percent of the formal workforce, had a median monthly wage of 2,945 ringgits. Female formal employees, representing 44.5 percent of the workforce, earned a median of 2,845 ringgits.

Among different age groups, employees aged 45 to 49 received the highest median monthly wages, averaging 3,927 ringgits in December 2023.

The overall number of formal employees in Malaysia was reported to be 6.67 million in December 2023, reflecting a 1.8 percent increase compared to the same month in the previous year. The exchange rate used for this period is 1 ringgit to 0.21 U.S. dollars.