{"id":48223,"date":"2021-06-18T17:17:58","date_gmt":"2021-06-18T09:17:58","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=48223"},"modified":"2021-06-18T17:18:07","modified_gmt":"2021-06-18T09:18:07","slug":"household-income-drop","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/household-income-drop","title":{"rendered":"Number Of Malaysian B40 Households Rises By 8%"},"content":{"rendered":"<p>The Economic Action Council (EAC) announced that 600,000 M40 households, or at least 8% of Malaysian households, have <a href=\"https:\/\/www.thestar.com.my\/business\/business-news\/2021\/06\/18\/reversing-the-decline-among-m40\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">slipped into the B40 category<\/a> due to the pandemic. This expands the proportion of households earning less than RM4,850 per month.<\/p>\n<p>According to the latest Household Income &amp; Basic Amenities Survey Report 2019, the classifications for the <a href=\"https:\/\/www.imoney.my\/articles\/b40-m40-t20-income-gap\" target=\"_blank\" rel=\"noopener noreferrer\">B40, M40 and T20<\/a> income groups are as follows:<\/p>\n<ul>\n<li>B40: Under RM4,849<\/li>\n<li>M40: RM4,850 &#8211; RM10,959<\/li>\n<li>T20: RM10,960 and above<\/li>\n<\/ul>\n<p>These figures refer to household income (the average household size in 2019 was 3.8 persons), not individual income. They are intended to provide a guideline on income disparity in Malaysia, with statistics showing 40% of Malaysians being low-income earners, 40% in the middle-income group, and 20% representing the top household incomes.<\/p>\n<p>With the EAC\u2019s announcement, this means a significant number of middle-income households have had their incomes fall to under RM4,850.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"B40-expanding-into-B50\"><\/span>B40 expanding into B50<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In February, Prime Minister Tan Sri Muhyiddin Yassin also said that the B40 group might have <a href=\"https:\/\/www.malaymail.com\/news\/malaysia\/2021\/02\/28\/muhyiddin-on-his-first-year-as-pm\/1953663\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">expanded into the B50 category<\/a>, and that 10% of the T20 group has slid into becoming middle-income earners.<\/p>\n<p>With more households experiencing declines in income, there have been calls to revise our national income classifications. Last year, UMNO MP Datuk Mohamad Alamin <a href=\"https:\/\/www.malaymail.com\/news\/malaysia\/2020\/11\/19\/mps-more-to-become-poor-under-covid-19-malaysias-b40-and-m40-classification\/1924197\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">pointed out<\/a> that the latest B40, M40 and T20 projections were made before the pandemic, but \u201cPossibly it could be B40 is already B60, M40 has already become M20 and so on. I ask the government to revise this projection,\u201d he said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What-can-you-do-if-you-need-help\"><\/span>What can you do if you need help?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you\u2019re having trouble keeping up with the cost of living, or if your income has been affected by the pandemic, here are a few resources you can turn to.<\/p>\n<ul>\n<li><a href=\"https:\/\/bpr.hasil.gov.my\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">BPR<\/a>. If you are eligible for Bantuan Prihatin Rakyat (BPR), you may receive cash assistance and other benefits.<\/li>\n<li><a href=\"https:\/\/www.imoney.my\/articles\/loan-moratorium-repayment-option\" target=\"_blank\" rel=\"noopener noreferrer\">Loan moratorium assistance<\/a>. You may be able to delay your loan payments or reduce them for six months.<\/li>\n<li><a href=\"https:\/\/www.imoney.my\/articles\/socso-perkeso-benefits\" target=\"_blank\" rel=\"noopener noreferrer\">SOCSO<\/a>. If you\u2019ve been retrenched, you may be eligible for an allowance or job search assistance under the Social Security Organisation (SOCSO).<\/li>\n<li><a href=\"https:\/\/www.akpk.org.my\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">AKPK<\/a>. If you\u2019re finding it hard to manage high-interest debt, the Credit Counselling and Debt Management Agency (AKPK) provides free credit counselling services.<\/li>\n<li><a href=\"https:\/\/www.jkm.gov.my\/jkm\/index.php?r=portal\/left&amp;id=NzFHMnJLSWxoQytmM3RscmUvMVdWZz09\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Social welfare aid<\/a>. The Department of Social Welfare Malaysia provides welfare aid and other assistance to certain groups, such as single mothers or senior citizens.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>These households have had their incomes fall to under RM4,850. <\/p>\n","protected":false},"author":1,"featured_media":48224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,216],"tags":[],"class_list":["post-48223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news-updates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Is The COVID-19 Pandemic Affecting Malaysian Household Income?<\/title>\n<meta name=\"description\" content=\"Thanks to the COVID-19 pandemic, at least 8% of Malaysian households have moved 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