SINGAPORE: The Ministry of Manpower (MOM) reported on Tuesday (Jun 25) that wages in Singapore increased by 0.4% in 2023 after considering inflation. This growth rate was consistent with that of 2022.
Real wages increased by 1.6% in 2021. Except a small uptick in that year, real wage growth has been declining since 2018.
The nominal total wages of full-time resident employees increased by 5.2% last year, less than the 6.5% growth in 2022 for those who had been with the same employer for at least a year.
However, according to MOM, the nominal total wage growth range was still higher than in years that were not recessionary. In 2022, nominal wage growth reached its highest level in ten years. It does not account for inflation.
The minister stated that wages increased for all industries and employee types in the previous year, albeit the changes were less than in the previous year.
Senior management personnel saw a 4.6% increase in pay, whereas rank-and-file and junior management personnel saw increases of 4.8% and 6.3%, respectively.
According to MOM, the Progressive Wage Model caused wages in administrative and support services to grow more quickly than wages in other industries, which saw slower wage growth. Although slower economic growth had an impact on profitability last year, over eight out of ten businesses turned a profit
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