📈 Singapore's wage growth in 2023 showed a 5.2% rise in nominal wages despite slower economic expansion. Discover the key trends and projections for 2024: https://zurl.co/XQQ5 #Salary #Reeracoen #RCNSG #RecruitmentFirm #BestRecruiters
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The Ministry of Manpower (MOM) announced that real wages for full-time resident employees in Singapore experienced a modest 0.4% increase in 2023, keeping levels close to those of 2022 amidst economic shifts. In 2023, nominal total wages for full-time resident employees, including employer CPF contributions, continued to rise, but at a slower rate than in the previous year. The growth rate slowed from 6.5% in 2022 to 5.2% in 2023, remaining above typical non-recessionary levels. Despite facing economic challenges, 82.1% of establishments reported profitability in 2023, although a larger proportion indicated reduced profitability compared to 2022, which impacted the frequency of wage increases. #chaptrconsulting
Real wages in Singapore up 0.4% in 2023
sbr.com.sg
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Founder & CEO at Crely | Healthcare Technology Leader | Innovator in AI-Driven Infection Detection | 20 Years in Global Leadership Across Stryker, Merck, Nike, and General Motors
9th August 2024 marked the 59th National Day for Singapore since separation from Malaysia in 1965. A very proud day for all Singaporeans to celebrate and reflect on her accomplishments from a very humble beginning. Singapore's GDP grew 460 times in the last 59 years under three Prime Ministers. Per capita GDP grew from USD 514 in 1965 to USD 88,447 in 2024, a 172x growth in the same period. Tremendous progress, thanks to strategic thinking and able governance by the leaders. I had a chance to read the transcript of PM Lee Kuan Yew's press conference on 9th Aug 1965. https://lnkd.in/gzDAjcYa. One of the statements "...we pay our unskilled workers $4.55 a day, and people are washing bottles in Petaling Jaya for $1.50 a day." triggered two mini-research questions. My primary objective was to understand leadership premium in Singapore, which I define as the ratio of compensation of the PM over an unskilled labour. Additionally, I wanted to understand how much unskilled labour has captured their share of the benefits from Singapore's growth, and compare the leadership premium between Singapore and the US. I referred to publicly available data sources and made some assumptions to perform the analysis (table 1). What are some of the insights I learned: a. The Singapore PM's compensation at 90 times the minimum wage earner and 19 times the GDP per capita may be worth the premium for the results delivered, but the optics of the premium growing steadily from 33 to 91 does not look good. Point to note is that in 2007, the PM's compensation was well over SGD 3 million, which would have pushed the ratio to almost 150 times the minimum wage. b. Adjusted for inflation, the unskilled labourer's compensation grew by 310% from 1965-2024, while the PM's compensation grew by 985% over the same period. On one hand, this is an excellent bargain for the Singaporean citizens to pay the premium for the 17,200% growth in GDP per capita delivered by the 3PMs over the same period. On the other hand, the share of the "GDP lift" for the unskilled wage earner has just been very modest. c. Comparing the minimum wage in Singapore and federal minimum wage (some states have significantly higher min. wage) in the US, it looks like the Singaporean unskilled labour counterpart is marginally better off. Singapore PM enjoys almost a 4x leadership premium over the US President, which I am not sure is commensurate with the job description and the complexity. Perhaps the higher premium is justified for the "trusted Singapore PM brand" Great National Day message PM Lawrence Wong- You have inherited a Singapore which is confident and gentler, and much more open to directly investing its resources to improve people at the bottom of the pyramid. You have the right strategy to lead people through these challenging times. Looking forward to your NDP speech. #singapore #leadership #Ministry of Social and Family Development, Singapore (MSF)
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In Q1 of 2024, 32.6% of organisations in Singapore plan wage increases, while almost half intend to increase headcount. The buoyant outlook is aligned with an improvement in business sentiments, indicating brighter economic growth prospects for 2024. Read to discover more. #ADPSoutheastAsia #SingaporeLabourMarket
Employers in Singapore plan wage increases and hiring surge | HRM Asia
https://hrmasia.com
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Leading Consultant on SkillsFuture & CET | Expert in SSG OR, WSQ CA, Non-WSQ CF and TPQA | 25 Years in L&D
Let's talk about the so-called "wage growth" in Singapore for 2023. While the Ministry of Manpower (MOM) proudly reports a 5.2% nominal wage increase, it's time to read between the lines. Yes, wages grew, but at a snail's pace compared to 2022's 6.5%. And after adjusting for inflation, real wage growth is a pitiful 0.4%! Here's a kicker: 82.1% of firms were profitable, yet only 65.6% of them decided to share the wealth with their employees. Meanwhile, the number of firms cutting wages has increased. So, are companies really feeling the pinch, or are they just prioritizing profits over people? While some sectors like accommodation and real estate services enjoyed substantial wage hikes, manufacturing workers saw minimal gains. This uneven growth highlights deeper issues in how different sectors are valued and supported. Interestingly, the steepest decline in wage growth hit senior management. Could this be a signal of shifting corporate priorities? Are companies beginning to tighten the belt at the top, or is this just a facade to distract from broader wage suppression? **Time for a Rethink** Is this the "progress" we're striving for? A society where the majority work harder for marginal gains, while a few industries and roles reap disproportionate benefits? We need to push for more equitable growth that truly uplifts every worker, not just the lucky few. What do you think? Are we heading in the right direction, or is it time for a major policy overhaul to ensure fairer wage distribution across all sectors?
Wages grew slower in 2023 than in 2022; slightly higher share of firms cut pay: MOM
straitstimes.com
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💰Does slow wage growth bother you? Wages in Singapore grew at a slower pace last year - with nominal total wages growing by 5.2 per cent, down from 6.5 per cent in 2022. Recent data by the Ministry of Manpower also found that a slightly higher share of firms cut pay and bonuses in 2023. But taking a deeper look - what drives you when you hunt for that job? Salary or job satisfaction? And is it possible to have a good balance of both, under current economic conditions, and what resulting effect will that have on businesses? 🎧 Find Out More: https://bit.ly/4bM2j1K
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Wages in Singapore grew slower in 2023 compared to 2022, with a slightly higher share of firms cutting pay according to MOM. The accommodation and real estate services sectors saw the highest increases in wages. Stay informed with the latest updates at HRSINGAPORE. #WageGrowth #Economy #SingaporeEconomy 📈💼🇸🇬 HRSINGAPORE is the first HR Forum in Singapore and organises HRLAW Seminars and provides HR Consultancy. Visit www.hrsingapore.org #hr #Singapore
Wages grew slower in 2023 than in 2022; slightly higher share of firms cut pay: MOM
straitstimes.com
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As Malaysia strides into 2024 with optimism fuelled by positive economic projections, businesses and legal professionals alike stand at the precipice of significant change. The recent Economic and Monetary Review 2023 released by Bank Negara Malaysia (BNM) offers a comprehensive outlook on the nation’s economic landscape, highlighting anticipated wage increases, stable unemployment rates, and notable shifts in labor force participation. For employment lawyers and HR professionals, these projections are not just numbers but beacons guiding strategic decisions in the evolving world of work. BNM's projection of further wage increases in 2024 marks a crucial point for employers. This anticipated rise, following a slowdown last year, necessitates a forward-looking approach to employment contracts and wage negotiations. Employers must ensure that their salary structures are not only competitive but also compliant with evolving legal standards, possibly reflecting new minimum wage regulations. This scenario highlights the importance of dynamic financial planning and legal compliance to accommodate anticipated wage growth. With the unemployment rate projected to stabilize around 3.3%, considered as full employment, Malaysia's job market appears robust. However, this poses a double-edged sword for businesses facing heightened competition for skilled labor. The legal framework surrounding employment must adapt to these changes, encouraging more attractive employment terms that include comprehensive benefits and opportunities for professional development, ensuring the retention and attraction of top talent. The expected expansion in employment, driven by the recovery in tourism and trade, signals a diversification of the workforce. This diversification includes a rise in temporary, seasonal, and gig employment opportunities, each carrying its own set of legal considerations. Employment lawyers will find themselves at the forefront, advising on the nuances of such arrangements to ensure compliance with labor laws and safeguarding the rights of all workers. The historic high in labour force participation, notably among women and gig workers, reflects the changing dynamics of the Malaysian workforce. This shift calls for a re-evaluation of workplace policies to ensure inclusivity, flexibility, and support for work-life balance. The increased participation of women in the workforce and the significant role of gig workers highlight the need for enhanced legal protections. Addressing gender disparities in employment and advocating for the rights of gig workers are pivotal areas where employment lawyers can make a substantial impact. Advocating for policies that support equal pay, anti-discrimination measures, and improved working conditions for non-traditional workers is crucial in this new era of employment.
Wages to increase further in 2024, jobless rate to stay stable, says BNM
theedgemalaysia.com
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Wages in Singapore grew slower in 2023 compared to 2022, with a slightly higher share of firms cutting pay according to MOM. The accommodation and real estate services sectors saw the highest increases in wages. Stay informed with the latest updates at HRSINGAPORE. #WageGrowth #Economy #SingaporeEconomy 📈💼🇸🇬 HRSINGAPORE is the first HR Forum in Singapore and organises HR Certification Courses and provides HR Consultancy. Visit www.hrsingapore.org #hr #Singapore
Wages grew slower in 2023 than in 2022; slightly higher share of firms cut pay: MOM
straitstimes.com
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The growth of real wages in Singapore remained at 0.4% in 2023 as nominal wage growth slowed amid fewer employers offering wage increases during the year, according to the latest data from the Ministry of Manpower. https://hubs.la/Q02DwDSr0 #HRNews #WageGrowth #MarketTrends #EconomicOutlook
Wage growth in Singapore slows to 5.2% in 2023
hcamag.com
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Wages in Singapore grew slower in 2023 compared to 2022, with a slightly higher share of firms cutting pay according to MOM. The accommodation and real estate services sectors saw the highest increases in wages. Stay informed with the latest updates at HRSINGAPORE. #WageGrowth #Economy #SingaporeEconomy 📈💼🇸🇬 HRSINGAPORE is the free HR Network in Singapore and organises HR Certification Courses and provides HR Consultancy. Visit www.hrsingapore.org #hr #Singapore
Wages grew slower in 2023 than in 2022; slightly higher share of firms cut pay: MOM
straitstimes.com
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