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 .
That said, nominal total wage growth remained higher than the range seen in non-recessionary years, MOM said. 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. 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.
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