A train in Pakistan. Photo credit to China Daily. Singapore can achieve this in 2030.
Real wage increases by 3.5% last year
This is according to a Duke University/CFO Magazine survey. The increase, after correcting for inflation is only 3.5%. Whose salary is the survey using? A driver or a sweeper?
Another problem is that productivity increases by only 1.2%. Such a huge discrepancy is a sign of trouble. This is untenable. How can wage increase outstrips productivity by 200%? It is like someone spending $3.50 but earning $1.20. Something must give.