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Private sector wages in Singapore continue to rise in 2014

Xinhua, June 4, 2015 Adjust font size:

Employees in the private sector in Singapore have seen their wages continue to grow amid the tight labor market, with the proportion of employers adopting flexible and performance-based wage system hitting a record high in 2014, according to the latest findings released by the Manpower Research and Statistics Department, Ministry of Manpower (MOM) on Thursday.

Total wages in the private sector rose by 4.9 percent in 2014, slightly slower than the previous year's 5.3 percent. However, as inflation eased, real total wages rose at a faster pace of 3.9 percent last year, compared with 2.9 percent in 2013, MOM said when releasing its "Report on Wage Practices, 2014."

Almost 60 percent of private establishments with employees earning a monthly basic salary of up to 1,000 Singapore dollars gave or intended to give wage increases to these employees in 2014, the report said, saying that the figure is lower than the 77 percent in 2013 but similar to those in 2012.

In the meantime, the report found the general uptrend that firms continued to respond positively to tripartite recommendations on wage restructuring since January 2004. "This resulted in a large majority (89 percent) of employees in the private sector being under some form of flexible wage system in 2014, the highest since June 2004," it said. Endi