AROUND this time a year ago, I wrote about unemployment in our country. The unemployment rate was at 5.3% then (May 2020). The latest Labour Force Statistics report from the Department of Statistics Malaysia (DOSM) shows that as of May 2021, the unemployment rate had dropped to 4.5%. This is, however, hardly an improvement.
A recent publication by DOSM – Salary and Wages Survey Report 2020 – revealed an overall 9% decline of mean income last year. Which means those that are employed are generally getting paid less compared to the previous year, including the skilled workforce, which suffered the highest decrease among all groups in salaries and wages in 2020.