Graduates’ real starting pay increased $3.58 p.a. (0.13%) last decade?

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What is the real increase in starting salaries for graduates in the last decade?

I refer to the article “Higher starting pay for university graduates, more in freelance work: Survey” (Straits Times, Feb 26).

It states that “They took home a median monthly salary of $3,400, up from $3,300 in 2016, according to results of a joint graduate employment survey released on Monday (Feb 26).

The starting pay is also the highest since 2012, the first year of the annual survey of graduates from National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU).”

According to the Singapore Yearbook of Manpower Statistics 2014 (page H30) – the median gross monthly starting salary of university graduates in full-time permanent employment was $2,750 in 2007.

Graduates’ real starting pay increased 1.3% last 10 years?

Does this mean that their starting salaries increased by about 24.9 per cent ($3,400 divided by $2,750) in the last 10 years?

Since inflation was about 23.6 per cent from 2007 (CPI 79.65) to 2017 (CPI 99.502) – does it mean that in real terms – their starting salaries increased by about 1.3 per cent (24.9 – 23.6%) or 0.13 per cent per annum ($3.58 p.a.) in the last 10 years?

Leong Sze Hian

About the Author

Leong
Leong Sze Hian has served as president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), invited to speak more than 200 times in over 30 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of Indonesia and Brunei. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.