KEY INSIGHTS
As the Singapore economy expanded in 2023, the proportion of profitable establishments remained high (82.1%). Nominal wages continued to grow in 2023 (5.2%), although at a more moderate pace than in 2022 (6.5%). After accounting for inflation, which eased in 2023 from 2022, real wages grew by 0.4% in 2023, similar to 2022. A majority of establishments continued to give wage increases to their employees. However, this has declined from 72.2% in 2022 to 65.6% in 2023.
For more key findings, please refer to the
highlights of the report.
As part of MRSD’s continued commitment to deliver accurate and relevant statistics on the labour market, our data collection processes have undergone an assessment by Ernst and Young Advisory Pte Ltd.
Released on: 25 June 2024
