By Kenny Gan, Malaysia Chronicle
I started working as a young graduate electrical engineer in 1983 in an engineering firm in Kuala Lumpur. My starting salary was RM1200 which was pretty typical in those days. This may not seem much now but mixed rice was less than RM2.00 with Chinese tea and petrol was RM1.00 a litre. After 6 months and an increment under my belt I plonked down for set of wheels; a cute little Toyota Corolla which I paid off in 3 years. Two years later I put down the deposit for a double storey terrace house in a thriving suburb near the capital.
Fast forward to the present and it would be very hard for any graduate to follow my act without substantial help from their parents. No, I wasn’t from the privileged class and I didn’t get a leg-up from my parents, save for the education they gave me. Present day graduates start their working life at RM1800 to RM2000 a month, not a lot of difference from 25 years ago but prices of everything have tripled and quadrupled. A hawker meal now cost RM5 (drinks extra), prices of cars and houses have grossly outpaced income and there are new expenses like toll, hand phones, Astro and internet. Our ringgit has depreciated against foreign currencies making consumer goods and overseas travel more expensive. To put it simply, real income has declined.
Showing posts with label High income economy. Show all posts
Showing posts with label High income economy. Show all posts
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