Insights into the Average Malaysian Salary Trends of 2024 (2024)

“How much are average monthly salaries in Malaysia?” is a question that every working adult wonders.

In 2024, Malaysia’s labor market shows a diverse range of salaries, influenced by various factors such as industry, education, experience, and location.

This article provides a detailed overview of interesting facts and statistics about average Malaysian salary, using information from different sources to give a complete understanding of salaries in the country.

Let’s take a look at it!

1. The Average Monthly Salary in Malaysia

The mean salary is the average of all income received by employees in a given sector of the economy, locality, etc. over a specific time frame.

In Malaysia, the average monthly salary paints a picture of the economic landscape. As of 2023, this figure stands at approximately RM 6,590, offering a glimpse into the financial well-being of the average Malaysian worker.

Source: Trading Economics

Let’s simplify ‘median‘ in the context of salaries. Picture all salaries in Malaysia lined up from the lowest to the highest.

The median salary is the one right in the middle of this line. It’s like the midway point in a race of earnings.

As per Salary Explorer, for those in the formal job sector, this midpoint salary is RM 5,810. It’s a number that tells us what’s typical, cutting through the extremes to show us a more common earning experience.

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Source: Salary Explorer

2. The Average Annual Salary in Malaysia

Diving into the financial currents of Malaysia, we uncover median monthly wages, a fascinating number that paints a vivid picture of the working life here.

Average salary in Malaysia is 137,118 MYR per year. The most typical earning is 54,738 MYR. All data are based on 7,223 salary surveys, which were done by Average Salary Survey.

This annual salaryprovidesa more complete, colorful picture of Malaysia’s earning landscape, providing valuable insights for everyone from new job seekers to fresh graduates to seasoned professionals charting their career paths.

3. Malaysia’s Highest Paid Jobs

The highest average monthly salary in Malaysia is seen in top-tier positions.

Executives in sectors like banking, technology, and healthcare often command the highest paychecks, showcasing the value of leadership and specialized skills in the Malaysian job market.

Here are the top 5 highest paying jobs in Malaysia:

1. C-suite Roles: Executive positions like Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, are among the highest-paying jobs. Salaries range from RM480,000 to RM800,000 annually in sectors like Banking, Financial Services, Business Services, Engineering, etc.
2. Head of Legal: In the banking and financial services sector, a Head of Legal can earn an average of RM540,000 per year​​.
3. Head of Regional Sales: This role in the healthcare and life sciences sector can bring in an average salary of RM500,000 annually​​.
4. Managing Director, Operations: In the engineering and manufacturing sector, a Managing Director of Operations can expect to earn around RM450,000 per year​​.
5. Senior Insurance Manager: A Senior Insurance Manager can expect an average annual salary of RM390,000​​.

Source: Michael Page

Read more about the highest-paying jobs in Malaysia.

4. The Baseline: Understanding Malaysia’s Minimum Wage

According to Prime Minister Datuk Seri Ismail Sabri Yaakob, has set a minimum wage to ensure a basic living standard.

As of 2023, the minimum wage is 1500 MYR/Month, a critical step towards financial equity for all Malaysian workers.

This policy is all about fairness in the workplace. It helps the government ensure that all workers, especially those with lower incomes, earn enough for their basic needs.

This step shows the Malaysian government’s commitment to a more balanced and fair economy.

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5. States with the Highest Average Salary

In Malaysia, the average salaries offered by different states showcase a diverse economic landscape.

Interestingly, Kuala Lumpur, often assumed to be the top earner, actually ranks second with an average salary of RM4,013.

The highest average Malaysian salary is found in W.P. Putrajaya, with a notable RM4,504. This variation in average monthly salaries across states reflects the varying cost of living and economic opportunities in each region.

Here’s a detailed look at the average salaries in various Malaysian states:

Source: Kitapunya

In Malaysia, age correlates with earning potential. Younger workers typically earn significantly lower median wages, while experience and seniority often lead to a higher salary.

As shown in the figure below, if you’re between 45 and 49 years old, you’re likely earning the most money each month compared to other age groups – about 4,130 Malaysian ringgit on average!

Even though Malaysia has a strong economy and people are earning more money, life is becoming more expensive.

A large portion of what people earn, roughly 40%, is spent on housing and food.

Souce: Statista

7. Salary Comparison by Gender in Malaysia

Certain industries in Malaysia offer exceptionally high median wages, setting the bar for what professionals in these fields can aspire to earn.

While certain sectors in Malaysia offer high median wages, an important factor employers have to consider is the gender pay gap.

Despite the expectation of equal pay for equal work, reality paints a different picture.

In Malaysia, there’s a notable difference in earnings between men and women across various career fields. On average, male employees earn about 11% more than their female employees.

This statistic from Salary Explorer highlights the persistent issue of gender disparity in salaries, a challenge that spans across industries and roles in the Malaysian workforce and job market.

8. The average yearly salary increase

In Malaysia, as people gain more work experience, they typically earn higher salaries. According to Salary Explorer, for those with 2 to 5 years of experience, their pay is about 32% more than what beginners make.

Once they surpass 5 years of experience, the increase jumps to an average of 36% compared to those with less experience.

After hitting the 10-year mark, salaries rise by another 21%, and there’s an extra 14% boost for those with over 15 years of experience.

It’s interesting to note that by the time a person has worked for 10 years, they often double their starting salary! However, these numbers can vary a lot depending on the job and location.

In Malaysia, salaries are as diverse as its vibrant culture, with each step in a worker’s career bringing a new level of financial reward.

As workers climb the ladder of experience, their earnings see a notable rise. By the time one reaches a decade in their profession, their salary often doubles from where they started.

This upward trend in pay reflects Malaysia’s commitment to growth and fairness, yet it’s tempered by the reality of a gender pay gap and the ever-increasing cost of living.

Understanding these Malaysian salary trends offers a window into the economic heartbeat of the country.

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