SINGAPORE — Real wages in Singapore grew 0.4 per cent in 2022, lower than the 1.6 per cent in the preceding year, the Ministry of Manpower (MOM) said on Monday (May 29).
The pace of real wage growth last year was"significantly dampened" by inflation. The inflation rate in 2022 was 6.1 per cent, higher than the 2.3 per cent recorded the preceding year.
"This reflected the efforts by firms to restore wages of some employees who experienced wage cuts during the pandemic years, as well as give higher wage increases to other employees to retain staff amidst competition for workers," said MOM.Nearly three in four establishments in Singapore gave wage increases as business activities picked up last year.
Those that cut the wages of their employees remained in the minority at 5.2 per cent, said the Manpower Ministry. Among them, the magnitude of wage cuts was also smaller in 2022 than in the preceding year.HIGHER WAGE GROWTH ACROSS ALL INDUSTRIES The financial services, information & communications and professional services sectors continued to register strong wage increases in 2022, alongside sustained manpower demand in these industries.
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