Nominal total wages - which do not take inflation into account - grew 5.2 per cent last year, slowing from the 6.5 per cent recorded in 2022.
Nominal total wages - which do not take inflation into account - grew 5.2 per cent last year, slowing from the 6.5 per cent recorded in 2022.New: You can now listen to articles.SINGAPORE: Wages in Singapore grew 0.
4 per cent in 2023 after accounting for inflation, the same rate of growth as in 2022, the Ministry of Manpower said on Tuesday . In 2021, real wages grew 1.6 per cent. Aside from the slight increase that year, real wage growth has been on a downward trend since 2018. Nominal total wages of full-time resident employees who had been with the same employer for at least one year grew 5.2 per cent last year, at a slower pace than the 6.5 per cent in 2022. That said, nominal total wage growth remained higher than the range seen in non-recessionary years, MOM said. Nominal wage growth does not take inflation into account, and was at its highest in a decade in 2022. All industries and all types of employees experienced wage growth last year, the ministry said, though it pointed out that the changes were smaller than in the year before. The wage growth of senior management employees was 4.6 per cent, while rank-and-file and junior management employees experienced 4.8 per cent and 6.3 per cent wage growth respectively. In terms of industries, most saw lower wage growth, but wages in administrative and support services grew faster because of the Progressive Wage Model, MOM said. More than eight in 10 firms were profitable last year, but profitability was affected by slower economic growth. The proportion of establishments which gave wage increases to their employees declined from 72.2 per cent in 2022 to 65.6 per cent in 2023.Looking ahead, the job market remains tight and there is strong demand for professionals, managers, executives and technicians in industries such as information and communications, financial services, professional services and health and social services, said the ministry. "These developments could result in higher wage growth in these sectors in 2024 compared to 2023. However, with an uncertain business environment, establishments might adopt a cautious stance with respect to wage increases," said MOM. Polls in the first quarter of this year showed that fewer firms intend to raise the wages of their employees in the next three months. "On balance, we expect the nominal wage growth in 2024 to remain similar to 2023. With inflation expected to stay on a gradually moderating trend, we expect an improvement in real wage growth." We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.
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