Ministry of Manpower: Seven in 10 employees in Singapore got wage increases in 2021 as more firms turned profitable in rebounding economy

SINGAPORE, May 30 — Seven in 10 employees got wage increases last year, up from just under six in 10 in 2020, as Singapore’s economy rebounded and more companies were profitable, the Ministry of Manpower said today.

It found that 70 per cent of employees received wage increases in 2021, up from 59 per cent in 2020. The extent of average wage increases was also higher in 2021 than in 2020 . The wage growth, which includes employer Central Provident Fund contributions, is higher than the 1.2 per cent in 2020. “However, higher inflation in 2021 has dampened real wage growth, although wage growth has continued to exceed inflation,” it added.

Total wage growth for outward-oriented sectors — such as information and communications , financial and insurance services and manufacturing — had “registered healthy expansion even in the midst of the pandemic and continued to see strong wage growth”. For example, the food-and-beverages services sector recorded an average wage increase of 2.6 per cent in 2021, up from 1.5 per cent in 2020.

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