ARE THINGS GETTING MORE EXPENSIVE OR IS OUR PAY GETTING LOWER?

10 Dec 2022

Article contributed by Jackson

We hear everybody talking about how things are getting more expensive. Technically, this should be normal. Things are always becoming more expensive. Blame it on lack of supply, blame it on inflation, blame it on whatever. Fact is that $1 today is worth less than $1 yesterday.

However, the issue is that it seems like our salaries are not matching up to the cost increase. We are earning not much more than people 10 years ago did, and yet things are a lot more expensive. So most Singaporeans would think, why isn’t our pay increasing?



The ugly truth is, if they were to increase our salaries, the costs of things will increase even more. Think about it. If NTUC were to increase the salaries for all their staff, did you think that they wouldn’t increase the prices of their goods? Imagine if everyone down the supply chain has a pay raise (the farmers, the factory workers, the cleaners in the factories etc.), the prices of our daily necessities would multiply even more!

I’m not trying to say that our salaries shouldn’t increase, but those who argue only for that don’t think far enough. That is simplistic thinking. We need a more holistic solution. How can we increase our salaries, while making sure that costs of living increases proportionately?

Another thing is, the rich are getting richer somehow. People are buying cars with $100k COE. This means that the inflation is going up at a slower rate than their pay. How can we redistribute this? Perhaps it is time to relook into our society prioritizing the comforts of the rich.

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