A new report by DBS Bank found that more than a quarter of its retail clients saw their income fall more by 10% during the COVID-19 pandemic. Among them, over 100,000 had their salaries at least halved. The study, which was based on data from its 1.2 million retail customers, found that those who were middle-aged and earning less than $3,000 monthly were most affected by income cuts. Those in the food & beverage, hospitality and aviation sectors also saw the biggest declines in income, despite wage subsidies.
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