The Report on Wage Practices 2022 was released today. Key find | SG Ministry of Manpower

The Report on Wage Practices 2022 was released today. Key findings include:
 
More firms were able to raise their employees’ wages in 2022 compared to 2021 as there was a strong increase in the proportion of profitable firms in 2022

Nominal wage growth in 2022 was significantly higher than in 2021, and the highest in a decade

Notwithstanding high inflation, real wages continued to grow, but at a slower pace compared to 2021
 
The Government encourages all firms to implement the Flexible Wage System as the uncertainties ahead continue to underscore the need for resilience and flexibility in wage structures.

Those interested can read more about the Report on Wage Practices here: https://stats.mom.gov.sg/Pages/Report-On-Wage-Practices-2022.aspx