But MAS also warns that the jobs and incomes of this broad group could be hit by the economy's “structural shifts”. Read more at straitstimes.com.
SINGAPORE - Salary growth among middle-income workers here has outpaced that of other income groups between 2011 and 2021, the Monetary Authority of Singapore said in a report.
Another 20 to 25 per cent of these workers remained in the same income decile since 2011, while the rest moved down one or more deciles. The central bank said Singapore’s economic growth slowed to an average of 3.7 per cent per annum for 2011 to 2022, down from 5.9 per cent in the decade before, and will continue to slow in the next 10 years as demographic constraints such as a low birth rate and an ageing population become “more binding”.
MAS said: “The income growth of the broad middle depends on the corporate sector’s ability to take advantage of technology and scale in a dynamic economy, and tripartite effort to reskill and upskill workers to enable them to take on more productive and well-paying jobs.”
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