2023 Singapore nominal total wages grew 5.2%, down from 6.5% in 2022, with real wages at 0.4% and wage increase recipients decreasing from 72.
Singapore's nominal total wages grew 5.2% in 2023, down from 6.5% in 2022, according to the Ministry of Manpower (MOM). Real wages increased 0.4% in 2023, holding steady from 2022. 65.6% of surveyed establishments gave wage increases to their employees in 2023, down from 72.2% in 2022. The nominal wage growth in 2024 is expected to remain similar to 2023, with inflation gradually moderating, improving real wage growth.
June 25, 2024
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