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Slower increase in Singapore's private sector wages in 2014
TOTAL wages in Singapore's private sector rose at a slower rate last year. But taking into consideration lower inflation last year, real total wages for employees in Singapore actually grew more compared to 2013, the Ministry of Manpower (MOM) said on Thursday.
Salaries, including employer CPF contribution, increased 4.9 per cent in 2014, slightly lower than 2013's 5.3 per cent. Real total wages, however, rose 3.9 per cent last year, compared with 2.9 per cent in 2013.
At the same time, the proportion of employers adopting some form of flexible and performance-based wage system was the highest in a decade in 2014.
Employers had continued to give wage increases amid a tight labour market, and firms continued to respond positively to tripartite recommendations on wage restructuring, MOM said.
Nearly three in five companies with employees earning monthly salaries of up to S$1,000 gave, or intended to give, increments to these staff. This was lower than 2013's 77 per cent, but similar to 2012's 60 per cent.
The number of full-time resident employees earning less than S$1,000 in monthly salaries has also fallen from 9.8 per cent in 2012 to 6.8 per cent in 2014, MOM said.