SINGAPORE - Salary growth among middle-income workers here outpaced that of other income groups between 2011 and 2021, the Monetary Authority of Singapore (MAS) said in a report.
An analysis of average incomes over that period showed that nominal income - meaning it is not adjusted for inflation - for this "broad middle" group climbed 42 per cent, topping the 36 per cent growth for earners in the lower and higher brackets, the central bank said in its biannual macroeconomic review released on Monday.
Another 20 per cent to 25 per cent of these workers have remained in the same income decile since 2011, while the rest moved down one or more deciles. From 2011 to 2021, middle-income workers largely remained in the same education band, but those who underwent further education saw a larger increase in average incomes than those who did not, MAS also noted.
It said these technologies could either have job-boosting effects, or result in job displacement if they are used to replace human labour, or if workers are not equipped with the right skills to take on new roles.
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