Mr Chan’s figures show that it is the freeze, not the discount, that has opened the gap. Spread across the 15 years it took to arrive, the move to the S$1.8 million benchmark works out to about 3.6 per cent a year, below the 4.3 per cent that median wages grew over the same period.
The adjustment narrows that gap without closing it. Yet, a seven-figure salary is hard to sympathise with under any circumstances.
It is harder still against a backdrop of job and wage uncertainty that has left many feeling less secure in their own jobs than they did a decade or two ago.
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