FX.co ★ Singapore Real Wages Rise 3.2% in 2024

Real wages in Singapore surged by 3.2% in 2024, a notable improvement from the modest 0.4% increase observed in 2023, as reported by the Ministry of Manpower on Wednesday. This represents the most significant annual growth in real wages since 2019. Despite this positive trend, the percentage of companies intending to increase wages has decreased, dropping from 32% in December 2024 to 22% by March 2025. The Ministry attributes this decline to ongoing geopolitical tensions and uncertainties in global trade, according to a survey conducted among employers. Inflation moderated to 2.4% in 2024, down from 4.8% in 2023, which has supported the resurgence in real wage growth. Concurrently, nominal total wages saw an increase of 5.6% in 2024, slightly higher than the 5.2% rise recorded the previous year.