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OUTLOOK 2024

Singapore’s nominal wage growth may slow further in 2024 as labour market cools

But with inflation also cooling, real wage growth might be possible

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Tessa Oh

Tessa Oh

Published Tue, Jan 2, 2024 · 05:00 AM
    • Industry watchers expect labour demand to cool further in 2024 – especially earlier in the year – amid softer economic activity.
    • Industry watchers expect labour demand to cool further in 2024 – especially earlier in the year – amid softer economic activity. PHOTO: BT FILE

    SINGAPORE’S nominal wage growth may slow further in 2024, as the labour market cools to the pre-pandemic norm amid economic uncertainty.

    Yet unlike 2023, when high inflation caused wages to shrink in real terms, there is a chance of real wage growth this year as inflation slows.

    Labour market tightness peaked in 2022 as Singapore emerged from the pandemic. Manpower demand was red-hot as Covid curbs eased and activity picked up – but supply was constrained, as the non-resident workforce remained below pre-pandemic levels.

    Outlook 2024Singapore manpowerSingapore economyWagesMinistry of ManpowerForeign workers

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