In spite of a decrease in official income inequality, the absolute earnings between Malaysia’s top 20 percent and their countrymen has nearly doubled compared with that of two decades ago, The Star newspaper reported.
Kuala Lumpur (VNA) – In spite of a decrease in official incomeinequality, the absolute earnings between Malaysia’s top 20 percent and theircountrymen has nearly doubled compared with that of two decades ago, The Starnewspaper reported.
Thisis the result of a new study by Khazanah Research Institute (KRI) released onOctober 15. The study recommended policymakers need to think beyond the Ginicoefficient - which represents the relative difference in earnings - andinclude measures to address the absolute earnings gap.
Thestate-funded think tank pointed out that in 2016, households with income below2,000 RM (481 USD) per month spent 94.8 percent of their incomes on consumptionwhile families earning above 15,000 RM (3,610 USD) monthly spent only 45percent of their incomes on consumption.
Forhouseholds earning below 2,000 RM, the income remaining after accounting forinflation was only 76 RM in 2016, down from 124 RM in 2014, the report said,adding that this left them vulnerable to sudden financial shocks.
Althoughthe Malaysian government has repeatedly boasted of eradicating hardcorepoverty, relative poverty - defined as earning less than 60 percent of themiddle income - has increased by more than 50 percent to three millionhouseholds since 1995. This means 40 percent of the country's 7.5 millionhouseholds are relatively poor.
Malaysia'sannual per capita income has been averaged at nearly 11,000 USD in recentyears. The country’s Gini has fallen from 0.513 in 1970 to 0.399 in 2016. AGini of zero means everyone is earning the same amount.-VNA
The Malaysian Government has agreed that cabinet ministers going on short business trips will not allowed to bring their spouses along, a move aimed to cut public expenditure.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Source: reuters) 
