"2002 to 2012 even worse? According to my analysis of the statistics from MOM, the real Median Gross Monthly Income From Work of Full-Time Employed per annum from 2002 to 2012 was even worse, at only about 0.85 per cent (than your Editorial’s 1.3 per cent from 2000 to 2010). Also, the MOM report released last week indicated a – 0.8 per cent decline in real wage growth for last year (you said that it was below 2011′s wage level), and the number of firms that did give the NWC’s recommendation was 3 out of 10 (a bit worse than your newspaper’s survey which found 4 out of 12 firms). All workers vs full-time workers? I would also like to suggest to you that you ask MOM for the statistics on “all” workers (full-time and part-time), as the analysis is based on that of the “full-time employed”. I believe the older MOM reports (like from about before more than 5 years ago) would refer to “all” workers in the narrative, which I don’t seem to be able to find in 1 summary historical table or in 1 page in recent years anymore. I think if you ask MOM, they will give it to you. If I ask – probably not (never) – as I am a nobody – I’m just a blogger! I suspect the “all” workers’ numbers may be even worse than the above. Finally, I particularly liked your remarks in your opening first sentence Ferraris ground to a halt? - “If wage increases here can be likened to a speeding car, Singaporeans were driving Ferraris all the way from independence to the late 1990s. For almost 40 years, incomes went up every year, and in large dollops. Then, for reasons that are not yet clear, the brakes were applied and the racing car slowed down considerably.” Actually, the car may have ground to a halt – with negative real wage growth in 4 out of the last 5 years, low 1.3 per cent growth last year, negative – 0.4 per cent per annum productivity in the last 5 years, high inflation at 4.6 per cent last year and very high 74 per cent household debt to GDP. And such a quagmire that we are in, despite the 2 controversial IRs and our very liberal foreign labour policies – as you so aptly put it – “this new reality will have implications for the country’s foreign worker policy”."
Posted on: Sun, 16 Jun 2013 23:47:41 +0000