As the Singapore economy continued to grow in 2022, there was a strong increase in the proportion of profitable firms. As a result, more firms were able to raise their employees’ wages in 2022 compared to 2021. Nominal wage growth in 2022 was at its highest in a decade. However, after accounting for inflation, real wage growth slowed significantly and was lower than in 2021.
For more key findings, please refer to the highlights of the report.
Released on: 29 May 2023