Median workers’ real income growth rises to 2.1% in 2022
The growth, however, was still lower compared to the pre-pandemic average of 3.8%.
The real income growth of median workers rose to 2.1% in 2022 from 0.9% in 2021, the Ministry of Manpower (MOM) reported.
According to MOM, the increase was possible because the strong nominal income growth outstripped higher inflation.
The 2022 median income growth was still slower than was still lower compared to the pre-pandemic average of 3.8%.
The median workers’ income growth was also weaker than the increase seen by the lower-wage workers.
Data from MOM showed that real income for the 20th percentile worker grew by 4.8% in 2022, faster than the previous year (4.4%), and the pre-COVID years (2014-2019: 4.4% p.a.).
MOM attributed the stronger income growth of lower-wage workers to tripartite initiatives such as the Progressive Wage Model (PWM).