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Singapore wages grew 5.2pc in 2023

XINHUA – Singapore’s nominal total wages grew 5.2 per cent in 2023, down from 6.5 per cent in 2022, according to the report on Wage Practices released by the Ministry of Manpower (MOM) yesterday.

After accounting for inflation, real wages increased 0.4 per cent in 2023, holding steady from 2022, said the report surveyed nearly 5,500 private establishments, which hired 494,400 full-time Singaporean and permanent resident employees.

The report showed that 65.6 per cent of the surveyed establishments gave wage increases to their employees in 2023, down from 72.2 per cent in 2022. The magnitude of wage increases moderated from 7.9 per cent in 2022 to 7.2 per cent in 2023.

The nominal wage growth in 2024 will remain similar to 2023. With inflation expected to gradually moderate, real wage growth will improve, said the MOM.

Singapore recorded all-item inflation at 4.8 per cent in 2023 and expected its headline inflation to range from 2.5 per cent to 3.5 per cent this year.