SINGAPORE – Wages in Singapore continued growing in 2023, albeit at a slower pace than in the year before.
These figures released by the Ministry of Manpower on June 25 are for Singaporeans and permanent residents who worked full-time for an employer for at least one year, and include employer contributions to the Central Provident Fund. Total wages include basic wage and an annual variable component. MOM said the 5.2 per cent overall nominal growth figure was still higher than the range seen in non-recessionary periods.
As such, the proportion of those that gave wage increases to employees declined to 65.6 per cent in 2023, from 72.2 per cent in 2022, MOM said.
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