In Focus

Economy

Staff Reporter

, Singapore

Published:

2 years ago

295 views

Here's why recent real wage growth is lower compared to a decade ago

Total real wage growth in 2021 was at 1.6%—less compared to 2010'2 2.7%.

The salary hike, which was dampened by higher inflation, could possibly be due to “cautious” employers amidst the uncertain factors in the global economy, UOB said in its May 2022 market overview report.

Based on the figures from the Ministry of Manpower (MOM), 2021’s total real wage growth of 1.6% was lower than 2010's 2.7%.

This is slightly above the 1.4% wage hike in 2020; but the MOM still described this as a slow increase for salary hike.

"After the global financial crisis, total wage growth rebounded the following year in 2010 to 5.7%, whilst in 2021's total wage growth was lower than in 2010, suggesting that employers may have been 'more cautious given the longer tail' of the COVID-19 pandemic," UOB said quoting MOM.

"Downside risks to the global economy remain, such as the ongoing Russia-Ukraine conflict and protracted global supply disruptions, and MOM said this could moderate demand and nominal wage growth."

The total wage growth, including employer Central Provident Fund contributions, rebounded 3.9% in 2021, comparable to pre-pandemic levels.

Follow the link s for more news on

Ministry of Manpower

UOB

Salary Report

Also Read

Mixed views on MAS policy for 1H25 as Singapore faces inflation and growth risks

Economy grows 4.1% YoY in Q3 as manufacturing, services expand

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

Lorem Ipsum text in year 2025

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old.

Agribusiness

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.

Agribusiness

Secondhand furniture gains traction as Singaporeans embrace circular economy practices

Singaporeans saved 21,970 tonnes of carbon emissions by purchasing secondhand furniture.

Healthcare

Institution of Engineers sets up new board to promote faster chartership registration

The board will also promote upskilling for engineering professionals.

Building & Engineering

Exclusives

Cropping Issue on Responsive one

Contrary to popular belief, Lorem Ipsum is not simply random text.

Agribusiness

Artificial Inteliigence Testing

Contrary to popular belief, Lorem Ipsum is not simply random text.

Agribusiness

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Agribusiness

Lorem Ipsum Singapore Business Review

The text to display in the title bar of a visitor's web browser when they view this page. This meta tag may also be used as the title of the page when a visitor bookmarks or favorites this page, or as the page title in a search engine result. It is common to append 'Singapore Business Review' to the end of this, so the site's name is automatically added. It is recommended that the title is no greater than 55 - 65 characters long, including spaces.The text to display in the title bar of a visitor's web browser when they view this page. This meta tag may also be used as the title of the page when a visitor bookmarks or favorites this page, or as the page title in a search engine result. It is common to append 'Singapore Business Review' to the end of this, so the site's name is automatically added. It is recommended that the title is no greater than 55 - 65 characters long, including spaces.

Agribusiness