KEY INSIGHTS
The labour market remained tight in 2024 and wages continued 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
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: 28 May 2025
