SINGAPOREslotsthatpayrealmoneywithnodeposit, June 25 (Xinhua) -- Singapore's nominal total wages grew 5slotsthatpayrealmoneywithnodeposit.2 percent in 2023, down from 6.5 percent in 2022, according to the Report on Wage Practices released by the Ministry of Manpower (MOM) Tuesday.
After accounting for inflation, real wages increased 0.4 percent 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 percent of the surveyed establishments gave wage increases to their employees in 2023, down from 72.2 percent in 2022.
The magnitude of wage increases moderated from 7.9 percent in 2022 to 7.2 percent 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 percent in 2023 and expected its headline inflation to range from 2.5 percent to 3.5 percent this year.■
