​​​​​​​​As the Singapore economy expanded in 2023, the proportion of profitable establi​​​shments 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 Report On Wage Practices 2023​ ​report.