SINGAPORE: Nearly one-third of Singapore companies intend to raise pay in the first quarter of 2024, according to the Ministry of Manpower’s (MOM) most recent labour market report, released on Thursday (March 14).
According to company poll results from December 2023, approximately 32.6 percent of firms intend to increase pay in the first three months of 2024, up from a low of 18% in September 2023.
Approximately 47.7 percent of employers surveyed in December 2023 want to hire in the first three months of this year, up from 42.8 percent in September of last year.
MOM stated that its surveys show improved business sentiment, consistent with the Ministry of Trade and Industry’s prediction of enhanced economic growth prospects for 2024. However, with global headwinds persisting, it anticipates corporate restructuring and reorganization to continue, perhaps leading to further reductions.
According to the most recent labor market data, Singapore’s reductions in 2023 were more than double those in the previous year, rising from a record low of 6,440 in 2022 to 14,590.
The figure in 2023 is similar to pre-pandemic levels, with an average of 14,180 reductions from 2015 to 2019.
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