Singapore Workers See 2023 Wages Grow, Defying Economy

Singapore Workers See 2023 Wages Grow, Defying Economy
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  1. In 2023, Singapore saw wage growth at a more moderate pace.
  2. Rank-and-File and Junior Management wages went up more than Senior Management.
  3. Wage practices raise concerns on the future of employee pay.

Amidst modest economic growth, the wages in Singapore quietly went up in 2023, showing different changes across industries.

Looking at 2023’s Salary Trends

In their recent press release, the Ministry of Manpower (MOM) confirms that total wages grew by 5.2% in nominal terms and by 0.4% in real terms after accounting for inflation.

The Singapore economy grew by a modest 1.1% in 2023.

Wage increases were less common than in the year before.

Administrative & Support Services saw big wage growth due to the Progressive Wage Model.

Only 10.3% of companies used the Flexible Wage System last year.

Here are some key points to note:

  • All industries in Singapore saw wage increases in 2023.
  • Wage growth was higher for lower-income workers.
  • People expect wages to keep going up for Rank-and-File workers.

Looking at the Wage Growth Picture

According to the MOM, The Singapore economy grew by 1.1%, and wages continued to grow at a more moderate pace compared to the previous year.

82.1% of companies made money, but many made less than in 2022.

Lower-income staff, especially in office jobs, saw big increases.

Senior Management got smaller pay rises compared to others.

Industries like Food & Drink and Shops are expected to keep seeing steady wage growth.

Take a look at this quick table for a clear overview:

Wage Growth in 2023 (SGD)Industry Impact
5.2% Increase in Nominal WagesAll Industries Saw Growth
0.4% Increase in Real WagesBig in Admin & Support Services
Higher Growth for Rank-and-FileDue to Progressive Wage Model
Lower Growth for Senior ManagementDespite Higher Profits in Food & Drink, Shops

Looking at Pay During Uncertain Times

The smaller pay rises might make people worry about continued growth.

More focus on pay for lower-income workers could improve living standards.

The slow use of the FWS raises questions about how flexible wages are in job markets.

The Future of Wages in Singapore

The slower wage growth might affect how people spend money.

The National Wages Council will give more advice on wage practices.

The public and media are watching wage trends and how they affect society and the economy.

As Singapore moves forward, wage practices will show how healthy the economy is and how well workers are doing.

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