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More firms increased their employees' wages in 2024, compared to the year before, said the Ministry of Manpower (MOM) in a report on Wednesday (May 28). The proportion of firms that raised employees' wages increased to 78.3 per cent in 2024, up from 65.More firms raise salaries in 2024 than in 2023
More firms increased their employees' wages in 2024, compared to the year before, said the Ministry of Manpower (MOM) in a report on Wednesday (May 28). The proportion of firms that raised employees' wages increased to 78.3 per cent in 2024, up from 65.6 per cent in 2023, according to MOM's report on wage practices for 2024. Concurrently, the proportion of firms that cut employees' pay fell from from 6.5 per cent in 2023 to 3.2 per cent in 2024. The remaining 18.5 per cent of firms kept the wages of their employees constant. Average wage increase has moderated: MOM Among firms which raised wages, the average wage increase in 2024 of 6.6 per cent has moderated from 7.2 per cent 2023. However, among firms which reduced wages, the cut was smaller in 2024 (-3.6 per cent) than in 2023 (-6.2 per cent). As economic growth continued and employers' profits went up, nominal total wages (which includes employer CPF contributions, basic wage and an annual variable component to account for bonuses) grew by 5.6 per cent in 2024 — comparable to 5.2 per cent in 2023. Read more