S'pore risks wage-push inflation as salary gains beat price hikes amid labour pinch

Salaries have surged mainly on the back of an unprecedented labour shortage. PHOTO: ST FILE
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SINGAPORE - Loss of a significant portion of real income despite historically high wage growth may turn out to be one of the more lasting legacies of the 2020 economic downturn induced by the Covid-19 pandemic.

That is because salaries have surged mainly on the back of an unprecedented labour shortage, thanks to border controls and other travel restrictions imposed to manage the pandemic.

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