millions of engineering students from china and india every year will continue to depress engineers wages. nus/ntu engineering grads compete with this pool for run of the mill jobs. mncs have factories/research labs all over the world to arbitrage so wages converge to lowest denominator.
Top notch engineering grads with brains and creatively will continue to command a premium but this is very rare among nus/ntu grads who can solve laplace transform exam equations but cannot think out of box.