Dear readers, it was reported today that most workers saw pay hikes last year.
70% of workers had increased salaries, with resident workers who had stayed in their jobs for at least one year taking home an extra 3.9% on average. However, it was also reported that inflation has eaten into their gains and the workers’ spending power increased by just 1.6% which is less than half of the workers’ nominal pay increases.
What about yourself? Did you have your salary increased last year?
If yes, congratulations to you, as any increase in salary is definitely welcome in today’s high-inflation environment, notwithstanding that the report mentioned so correctly that inflation ate into the pay rises.
For me, as I track my expenditures on a daily basis, inflation to me is knowing that I pay few cents more, or even one to few dollars more for my food during the daily transactions and seeing how all these add up in my expenditure tracking spreadsheets!
The importance is to reduce one’s spending as far as practicable: start off with discretionary expenditures first and see how beside salary increase which is largely decided upon by the employer, can one increase one’s cash inflow through wise investments.
Notwithstanding inflation, I still feel Grateful to have most of my food daily and it is important not to take things like the food we enjoy daily for granted in our lives: just reference to the recent overseas tightening of export of chicken to Singapore and the long queues at the chicken stalls now!