Kuala Lumpur: Wages in Malaysia's formal sector have seen a 5.6 percent year-on-year rise, reaching 2,745 ringgit (627 U.S. dollars) in September 2024, as per official data released on Monday.

According to Namibia Press Agency, the Department of Statistics Malaysia (DOSM) highlighted in a statement that the increase in median monthly wages indicates an improved labor market environment in the third quarter of 2024. This reflects the country's consistent economic performance.

In the same period, the number of formal employees in Malaysia rose to 6.82 million, marking a 2.1 percent growth compared to September of the previous year. Analyzing the data by gender, males constituted 55.2 percent (3.76 million persons) of the workforce, with median monthly wages of 2,782 ringgit. Female employees accounted for 44.8 percent (3.05 million persons) and received median monthly wages of 2,700 ringgit.

The data also revealed an upward trend in median monthly wages for both male and female formal employees, with increases of 5.2 percent and 7.2 percent, respectively, compared to September 2023. Additionally, all economic sectors experienced positive growth in median monthly wages in September 2024 compared to the previous year.