https://www.thesundaily.my/local/minimum-wa...pdated-NB636348

BANGI: A budget guide unveiled by the government today revealed that a single person needs to earn at least RM1,870 a month to “achieve a reasonable standard of living” in the Klang Valley.

While this is higher than the minimum wage of RM1,100 per month, it still falls short of estimates by economists.

Prof Tan Sri Dr Noor Azlan Ghazali and Prof Dr Barjoyai Bardai said the official estimates for couples, with or without children, were more realistic. But for singles, the figures should be RM2,300 to RM2,500.

Noor Azlan pointed out that a person spends 65% of his income on food, accommodation and transport and if he earned RM1,870, that would come up to RM1,200.

“That is not enough,“ he said.

Barjoyai said RM1,870 a month could be enough for someone living outside the Klang Valley.

The data, contained in the “BelanjawanKu: Expenditure Guide for Malaysians” programme launched by Finance Minister Lim Guan Eng today, shows that a family needs RM2,490 to RM6,620 per month, depending on the number of children they have and whether they are retired.

The guide, that focuses on individuals and families who live in the Klang Valley, covers costs for basic necessities, social activities, recommended savings, loan repayments and emergencies.

A single who owns a car will see his monthly expenditure rise to RM2,490 while for the elderly, a substantial amount of savings or a fairly large pension is essential as their expenditures could amount to RM3,090 per month.

BelanjawanKu was commissioned by the Employees Provident Fund (EPF) and the research was carried out by the Social Wellbeing Research Centre of Universiti Malaya.

Apart from surveys of household expenditure and prices of goods and services, the exercise also involved focused group discussions with academicians and representatives of stakeholders.

Lim said the guide was vital to help Malaysians understand their purchasing power and how not to get caught in major financial problems.

A 2014 study by S&P Global Literacy Financial found that Malaysians’ grasp of financial knowledge stood at only 36% compared with 59% in developed countries.

“This has contributed to high debt rates among Malaysians and a worrying number of bankrupts among youth. From 2013 to 2017, a total of 100,619 Malaysians were declared bankrupt, 60% of whom were aged 18 to 44,“ Lim said.

He also pointed out that active EPF contributors aged 54 had only RM214,000 each in savings. The fund’s recommended quantum is RM240,000.

Of greater concern is the fact that two-thirds of those aged 54 had only RM50,000 or less in EPF savings.

Ok la, at least our general financial fakdupness is similar to US pipu.. so first world dah...

my monthly expenses only rm1k

living in pj and working in kl sentral currently

500 rental incl util

500 eat incl motor petrol

wonder how they calculate that amount out

Very sad for retiree when pension couldn't keep up with inflation.

rip malaysia, i think need earn 8k to have family n baby, that one also barely enough

Janji PH raise minimum wage to 1.9k

their calculation sums up to 1.2k...quite similar to urs... but realistic wage shall be 1870 so that they can have savings each mth

kanasai no money better dont buy car and social la... what estimation is this

agreed

now this thread talking about minimum wages

should focus on "surviving" in kl, instead of "car owner", and "saving".

minimum mean bottom of bottom already, mean worst of worst.

“achieve a reasonable standard of living” <-- i dun think the malaysia sudah sampai the level that minimum wages can get a reasonable standard of living, maybe possible in kampung / small town area la, maybe.

that article seems like want minimum wages at least can get a reasonable standard of living in kl.

if like that then it mean high wages outside of city already, yes author very kind think of the worker but how the business owner lol, later all small business close business.

even that time implementation of gst already many small business close down

but TBH, spending 1k on monthly expenses without any entertainment/socialism, Im still pretty satisfy with it la. becoz i gamer keep stay in room 1 hahaha

This post has been edited by CyrusWong: Mar 5 2019, 06:50 PM

Single - RM5k.
Family no children - RM15k
Family 2 children - RM30k.

Savings, personal care, utilities and housing too low.
Haircut once is 30-50 already, how about internet?
300 for rental is far too low even.

This is the mistakes of politicians who keeps saying devaluation is good for the export market and brings income for the nation, it is the people who suffer.

They include car installment cos for transport they put RM770

#BelanjawanKuku laaa..

when rakyat complaint high cost of living

minister syok sendiri keluar study case

manada high cost of living ??

Haircut RM10 to RM15 no more liao kah your place?
Rental if sharing room can get RM300 in KL.
If include internet, utilities will be RM150, provided no use aircond. Internet=RM100, electricity=RM40, water=RM10

This post has been edited by eaglehelang: Mar 5 2019, 07:08 PM

500 minus 50 petrol.left 450
wow ur every meal only RM5...

bn minister yang buat

oh wai

i want 2k min wage.

People earning minimum wages should share rooms (below RM100 per person if double Decker beds arranged properly , cut each others hair for free, walk to workplace, need no internet.

1. Stay single, don’t breed, don’t give money to parents.
2. Rent small room within walking distance to work, room only for bed and shower.
3. Don’t have friends, don’t go out, don’t buy car.
4. Save money like crazy and invest in investments with at least 5% interest PA.
5. Retire with passive income generated from compounding interests.

Conlanfirm enough