B40 may become B60 as the economic social class of our country is changing.
The low-income category, which previously made up 40% of the population, may rise to 60%, or B40 may become B60.
A statement made in Parliament by the Deputy Minister of Domestic Trade and Consumer Affairs claims that Covid-19 has increased poverty rates in our nation and may shift the social classes of different income levels. The low-income category (B40), which previously made up 40%, could rise to 60% and change its name to B60.
According to what is known, DOSM will perform a household income and spending survey by the end of this year, and the pertinent information would be released next year.
Data from 2020 show that the B40 low-income category is further divided into B1, B2, B3, and B4 categories. Additionally, M1, M2, M3, and M4 are grouped into the M40 middle-income category. T1 and T2 are the two subgroups of the T20 high-income category.
B1 groups are those whose monthly family income is less than RM2,500, B2 groups are those whose monthly income is between RM2,501 and RM3,170, and B3 groups are those whose monthly household income is between RM3,171 and RM3,970. B4 refers to the group whose monthly income ranges from RM3,971 to RM4,850.
In terms of the M40 middle-income group, the M1 group has a monthly income between RM4,851 and RM5,880, M2 is between RM5,881 and RM7,100, M3 is between RM7,101 and RM8,700, and M4 is between RM8,701 and RM10,970.
Parents in the T20 high-income category fall into two categories: T1 has a monthly income between RM10,971 and RM15,040, and T2 has a monthly income over RM15,041.
