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More than 300,000 workers in Singapore have seen their salaries shrink by over 10 per cent because of the Covid-19 pandemic, with lower income groups hit the hardest and workers aged 35-44 increasingly vulnerable to the economic fallout, according to DBS.
The island nation’s largest bank revealed the data on Tuesday, after parsing anonymised March-May account data from 1.2 million customers who had their salaries credited into DBS accounts. About a third of the 300,000 affected workers saw wages plummet by more than 50 per cent, and a quarter saw incomes fall between 31 to 50 per cent.
Income deterioration was most severe for customers between the ages of 35 and 44, with more than half suffering a reduction of more than 30 per cent.
In the initial group of affected workers, more than half were under the age of 55, while about 50 per cent earned less than S$3,000 (US$2,190) a month.
DBS senior economist Irvin Seah, lead author of the report, said the bank did not know the residency status of those affected since the data was aggregated to protect customers’ identities, but that most would be Singaporeans and permanent residents.
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