More workers, benefiting from the recovery amid a tight labour market, received pay rises as well - 70 per cent compared to 59 per cent in 2020.
The data, released by the Ministry of Manpower in its 2021 survey on annual wage changes, was gathered online from 5,200 companies and over one million employees. Dr Hong Ru, assistant professor of banking and finance at the Nanyang Business School, expects cost pressures, such as that on energy, to persist for the rest of this year.
Its managing director, Mr Nilay Khandelwal said:"This is when we would really know what exactly would be the AI and inflation rates. Generally speaking, Singapore AI is pretty much tied to the inflation rate to a large extent."
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