The monthly income of RM2,700, which was published in Bank Negara Malaysia (BNM) 2017 Annual Report, referred to the estimated living wage for a single adult in the capital and not median income.<\/p>\n
FactWatch.my, an initiative by BNM, clarified the concept of a living wage was different compared to minimum wage and did not displace the relevance of the current minimum wage, which is between RM920 and RM1,000.<\/p>\n
It was stated that the living wage is a guide on the income required to meet the minimum of the acceptable living standard.<\/p>\n
“In addition to meeting basic needs, the living wage also provides for a meaningful participation in society, the opportunity for personal and family development, and freedom from severe financial stress,” it said.<\/p>\n
They hoped the guide would prompt employers to consider paying employees a better salary to meet the acceptable living standard, with attention to employee productivity.<\/p>\n
They were responding to Malaysian Trades Union Congress (MTUC) Secretary-General J Solomon’s claim that BNM suggested RM2,700 as a median income for a single adult in the city.<\/p>\n