Negative -0.08% p.a. real decrease in minimum income last 21 years, for Retail Service & Sales workers!

Negative

I understand that this is the largest group of workers, by occupation, in Singapore, at 239,200, in 2021

https://stats.mom.gov.sg/Pages/EmploymentTimeSeries.aspx

Just imagine that your real pay may have been decreasing yearly in the last 21 years!

The median gross monthly income from work (including employer CPF) of full-time employed resident Service and Sales workers, was $1,508, in Jun 2001

https://stats.mom.gov.sg/Pages/IncomeTimeSeries.aspx

Under the Progressive Wage Model (PWM) – from 1 Sep 2022, the minimum Gross Monthly Wage of full-time employed Retail assistant* / Cashier

*Companies may adopt different job titles. For example, Shop / Sales Assistant / Associate, is $1,850

https://www.mom.gov.sg/……/prog……/retail-sector……

So, the increase in minimum income in the last 21 years was only about 42.3% ($1,850 (excluding employer CPF) divided by $1,300 ($1,508 less 16% employer CPF Jun 2001)

Inflation was about 44.6% (CPI 108.7 Jun 2022, 75.19 Jun 2001)

https://www.singstat.gov.sg/…/files/news/cpijun2022.ashx

https://data.gov.sg/dataset/consumer-price-index-annual

Hence, the negative real increase in minimum income was only about -0.08% p.a., or about a negative -$10.40 per year, in the last 21 years

#SGIssuesThatMatter

 

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About the Author

Leong
Leong Sze Hian has served as the 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), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.