SINGAPORE, May 28 (Xinhua) -- Singapore citizens and permanent residents saw their real wages grow by 3.2 percent in 2024, the Ministry of Manpower said on Wednesday, while cautioning that geopolitical tensions and global trade uncertainties could moderate nominal wage growth in 2025.
According to the ministry's annual wage report, real wage growth rebounded from 0.4 percent in 2023, as nominal wage increases outpaced inflation, which had eased over the past year.
The report covers full-time resident employees who remained with the same employer for at least one year. Their nominal total wages rose by 5.6 percent in 2024, up from 5.2 percent in 2023.
The proportion of profitable establishments declined slightly, with 80.8 percent remaining profitable in 2024, down from 82.1 percent a year earlier. Sectors such as real estate services, construction, and wholesale trade saw fewer profitable businesses, while the manufacturing sector recorded an increase in profitable establishments.
"However, amid global trade tensions, the proportion of profitable establishments in trade-reliant industries such as manufacturing and wholesale trade would likely decline in the coming year," the ministry warned.
The share of establishments that provided wage increases rose from 65.6 percent in 2023 to 78.3 percent in 2024. Yet most wage adjustments were attributed to past organizational performance rather than forward-looking optimism.
The ministry expressed concern over the impact of global trade uncertainties on business sentiment. A forward-looking survey conducted in the first quarter of 2025 found a decline in the proportion of firms planning wage increases. ■
