July 23, 2021 MAS chief Ravi Menon cautioned against exaggerating the benefits of a minimum wage, saying it will not make a discernible dent in income inequality. The Straits Times file SINGAPORE - The Republic may want to seriously study a modest minimum wage as a complement to the existing progressive wage model (PWM), said Singapore's central bank chief on Thursday (July 22). However, Mr Ravi Menon, managing director of the Monetary Authority of Singapore, cautioned against exaggerating the benefits of a minimum wage, saying it will not make a discernible dent in income inequality. "If we have a minimum wage, we must be clear of its rationale: it is to help lift the wages of those at the bottom of the income distribution.