With global inflation at levels not seen since the 1970s, wage developments have taken on greater significance.
The pandemic has had a severe and uneven impact on the labor market in Singapore, with employment falling at a record pace in 2020 and remaining weak in 2021.
Singapore’s economy continues to recover steadily in 2021 and 2022 from a sharp contraction last year.
Millions across Asia have lost their jobs since the COVID-19 pandemic broke out early last year. One year on, the uneven and weary path to economic recovery continues to cast a shadow on the prospects of the labor market.
Situated on the northern coast of the Borneo island is Brunei Darussalam, a country blessed with natural endowments driving its employment and economic growth.
As one of the most aged societies in the world with a shrinking labor force, Japan has been struggling to meet the demand for more workers. Last year, the government took the unprecedented measure to open the door for more foreign workers in order to mitigate the labor shortages in the economy.
Technological advances have been key in raising sustainable income levels over the longer-term, but their potential adverse distributional effects in relation to wage growth and employment prospects can be a cause for concern.