Singapore’s middle-income workers saw their salaries rise faster than other income groups between 2011 and 2021, according to a report by the Monetary Authority of Singapore (MAS).
The report showed that the nominal income of middle-income workers, defined as those in the 21st to 80th income percentiles of their age cohorts, climbed 42% over the 10-year period. This outpaced the 36% growth seen by workers in the lower and higher income brackets.
MAS also found that nearly half of all middle-income workers moved up the earnings ladder over the past 10 years, with 45% climbing by at least one income decile and 23% advancing by two income deciles or more.
The central bank said that the strong salary growth for middle-income workers was due to a number of factors, including the government’s focus on developing a skilled workforce and the strong performance of the Singapore economy over the past decade.
The central bank said that workers will need to refresh their skills to make the necessary career transitions.
“The income growth of the broad middle class depends on the corporate sector’s ability to take advantage of technology and scale in a dynamic economy and on a tripartite effort to reskill and upskill workers to enable them to take on more productive and well-paying jobs,” MAS said.
