Real wages grew 3.2% in 2024 as inflation eased: MOM
Wages in Singapore grew at a faster pace last year compared to the previous year, as inflation eased. Real wages grew 3.2% on-year, up from the previous 0.4%. It's the highest increase since 2019, when it grew 3.33%. Analysts and the Manpower Ministry expect wages to moderate further amid geopolitical tensions and global trade uncertainties. More than three quarters of firms in Singapore gave their employees wage increases last year, as a majority were profitable. But the salary bump last year was less than the year before.
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