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Inflation partially erodes Singaporeans' wage gains, but recovery still ongoing
High inflation and the end of pandemic-related wage subsidies "may erode the gains from rising wages, especially for the lower-income groups", said Chua Hak Bin, Maybank's regional co-head of macro research, who expects more muted improvement in 2022.
He projected nominal growth of about 4 per cent in household incomes, supported by policy measures set to raise wages in lower-paying jobs. But the increase could be less than 1 per cent in real terms, factoring in inflation, he said.