According to the Ministry of Manpower (MOM) advance report of how Singapore’s labour market fared in the whole of 2023, with high inflation this year eating into the spending power of Singapore residents, the real incomes for workers at the 20th percentile fell by 3 percent compared with the same period last year, while that for median workers dipped by 2.3 percent, even as nominal wages grew.

Rahul Chawla, Partner and Head of Talent Solutions for Southeast Asia, Aon discusses with the report with us and the reason why employers are not keeping up pace with the rate of inflation. 

According to the Ministry of Manpower (MOM) advance report of how Singapore’s labour market fared in the whole of 2023, with high inflation this year eating into the spending power of Singapore residents, the real incomes for workers at the 20th percentile fell by 3 percent compared with the same period last year, while that for median workers dipped by 2.3 percent, even as nominal wages grew.
Rahul Chawla, Partner and Head of Talent Solutions for Southeast Asia, Aon discusses with the report with us and the reason why employers are not keeping up pace with the rate of inflation.

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