Real wages grew 3.2% in 2024 compared with 0.4% in 2023 as inflation eased: MOM

SINGAPORE: Wages in Singapore grew at a faster pace in 2024, with real wages rising 3.2% compared to 0.4% in 2023, as inflation eased from 4.8% to 2.4%. Nearly 80% of companies raised wages, although average increases dipped to 6.6%, and the Ministry of Manpower warned of potential moderation in growth due to geopolitical tensions. Sectors like financial services and administrative support saw significant wage increases, while trade-reliant sectors may face challenges ahead.