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OUTLOOK 2025

Singapore should still see real wage growth in 2025, but probably less than in 2024

Nominal wages will rise at a slower pace, but will not be eroded as much by inflation

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Tessa Oh

Tessa Oh

Published Mon, Jan 6, 2025 · 05:00 AM
    • Recruiters' surveys show higher wage rises for in-demand sectors, such as financial services.
    • Recruiters' surveys show higher wage rises for in-demand sectors, such as financial services. PHOTO: BT FILE

    SINGAPORE should see sustained real wage growth in 2025, as inflation cools and productivity gains allow for higher nominal pay. But whether this is better or worse than in 2024 remains uncertain.

    Observers are split on the magnitude of wage growth in the coming year, given lingering uncertainties in the external environment, such as US president-elect Donald Trump’s planned tariff hikes.

    According to official data that takes June as the reference point, real income growth in 2024 was 3.4 per cent, recovering from a decline of 2.2 per cent in 2023.

    Singapore manpowerWageswage hikesSingapore economySingapore Budget 2025

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