More companies in Singapore are set to freeze wages over the next year amid growing pessimism about the economy, according to a Singapore Business Federation (SBF) survey released on Thursday (Nov 27).The 2025 National Business Survey, which drew responses from 553 businesses across key sectors, found that just over half of them — 55 per cent — indicated that salaries will stay the same over the next 12 months.It is a dip from the 48 per cent of the firms which said that they have frozen wages over the past 12 months.This comes as only 4 per cent of businesses saw an increase in profitability over the past year, according to SBF — down from 7 per cent in 2024.Just under two-thirds of businesses — 62 per cent — saw no change in profitability, a 12 per cent hike from the previous year.SBF said it suggests a degree of resilience in managing margins amid cost pressures.The survey also found that more businesses — from 35 per cent in the second quarter of 2025 to 37 per cent in next quarter of the year — are expecting the economy to worsen over the next 12 months.  Read more