​​​​​​​​The labour market remained tight in 2024 and wages continue​d to grow, increasing by 5.6% in 2024 – comparable to 2023 (5.2%). After accounting for inflation, real wage growth picked up in 2024 (3.2% compared to 0.4% in 2023), as inflation eased. As Singapore’s economy continued to grow in 2024, the proportion of profitable establishments remained high (80.8%), and a majority of establishments continued to raise the wages of their employees (78.3%). ​

For more key findings, please refer to the Report On Wage Practices 2024​​​​ ​report.