Singapore’s Actual Wage Progress Slows to 0.4% in 2023, although wages grew throughout all industries – Vulcan Publish | Digital Noch

Singapore’s Ministry of Manpower (MOM) has simply launched its 2023 Report on Wage Practices, revealing a slowdown in wage development regardless of a good labour market. The economic system grew by simply 1.1%, and headline inflation was 4.8% in 2023.

Nominal and actual wages for resident workers who had been constantly employed for a minimum of 12 months with the identical employer continued to develop by 5.2% in 2023, down from 6.5% in 2024. When inflation is factored in, actual wages grew by simply 0.4%.

Singapore's Actual Wage Progress Slows to 0.4% in 2023, although wages grew throughout all industries - Vulcan Publish | Digital Noch Digital Noch

2023 additionally noticed 82.1% of institutions reporting profitability, although this was additionally barely decrease than in 2022, which resulted in 65.6% of employers giving wage will increase to their workers, in comparison with 72.2% in 2022. Wage will increase had been additionally correspondingly smaller in 2023 (7.2%) in comparison with 2022 (7.9%), whereas the magnitude of wage cuts was bigger in 2023 (-6.2%) than in 2022 (-4.5%).

Singapore's Actual Wage Progress Slows to 0.4% in 2023, although wages grew throughout all industries - Vulcan Publish | Digital Noch Digital Noch
^ Deflated by Client Value Index (CPI) for all gadgets at 2019 costs (2019 = 100).

In accordance with the MOM, wage development in 2023 was throughout all industries and all worker varieties. As Singapore’s economic system is anticipated to enhance additional in 2024, we should always see continued wage development for Skilled Supervisor Government and Technician (PMET) employees within the Info & Communications, Monetary Companies, Skilled Companies and Well being & Social Companies sectors. Nevertheless, the anticipated nominal wage development in 2024 will stay much like 2023.

Singapore's Actual Wage Progress Slows to 0.4% in 2023, although wages grew throughout all industries - Vulcan Publish | Digital Noch Digital Noch

Function Picture: K8 @ Unsplash


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