#1 More Than 82% Of Establishments Reported A Profit In 2023<\/strong><\/h3>\n\n\n\nOn the back of slower economic growth, 1.1% in 2023 compared to 3.8% in 2022, more establishments reported that they were less profitable.<\/p>\n\n\n\n
In 2023, 82.1% of establishments reported a profit \u2013 this was slightly lower than the 83.9% that reported a profit in 2022. Nevertheless, looking at the overall trend, the current proportion of profitable establishments are higher than during the years leading up to COVID-19 pandemic.<\/p>\n\n\n\n![\"Profitable](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2024\/07\/Profitable-firms-in-2023-1024x524.png\")
<\/figure>\n\n\n\nEven among firms that reported a profit, a higher proportion did not do as well as the previous year.<\/p>\n\n\n\n
#2 Salaries Grew 5.2% In 2023<\/strong><\/h3>\n\n\n\nWith Singapore\u2019s labour market continuing to remain tight, nominal total wages, including both basic wages and annual variable component, grew 5.2% in 2023. <\/p>\n\n\n\n
While this was lower than the 6.5% nominal wage growth in 2022, it continued to outpace inflation \u2013 with real wages growing 0.4% in 2023.<\/p>\n\n\n\n![\"Singapore](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2024\/07\/Singapore-nominal-wages-grew-in-2023-1024x577.png\")
<\/figure>\n\n\n\n#3 A Majority Of Employers Gave A Salary Raise To Workers In 2023<\/strong><\/h3>\n\n\n\nIn 2023, 65.6% of establishments gave their employees a salary raise. However, this was lower compared to 2022 \u2013 where 72.2% of employers increased their employees\u2019 wages.<\/p>\n\n\n\n
Again reflecting the slowing economy, a slightly higher proportion of employers cut wages in 2023 (6.5%), compared to 2022 (5.2%)<\/p>\n\n\n\n![\"Employers](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2024\/07\/Employers-that-increased-wages-in-2023.png\")
<\/figure>\n\n\n\n#4 Lower-Paid Employees Got Bigger Raises In 2023<\/strong><\/h3>\n\n\n\nRank-and-File employees saw their wages grow 4.8% in 2023, while employees in Junior Management received 6.3% wage growth. In contrast, Senior Management received a 4.6% wage growth.<\/p>\n\n\n\n
On average, all three employee categories saw their wages grow by a smaller amount in 2023 compared to 2022. Last year, Rank-and-File employees received a raise of 5.8% and Junior Management employees saw wages grow 7.4%. Similarly, Senior Management employees\u2019 wage growth also slowed from a hike of 6.7% in 2022.<\/p>\n\n\n\n![\"Lower-paid](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2024\/07\/Lower-paid-employees-got-a-bigger-wage-increment-in-2023-1024x523.png\")
<\/figure>\n\n\n\nThe Report also noted that low-income employees will likely continue to grow in 2024 alongside the increase in Local Qualifying Salary (LQS) from $1,400 to $1,600 in 2024.<\/p>\n\n\n\n
Read Also: Local Qualifying Salary: 5 Things You Need To Know About LQS<\/a><\/em><\/strong><\/p>\n\n\n\n#5 Wages Continue To Grow Across All Industries In Singapore<\/strong><\/h3>\n\n\n\nWhile employees in all industries continued to enjoy wage growth, the magnitude of growth was broadly lower compared to 2022. <\/p>\n\n\n\n
The only exception was in the Administrative & Support Services industry \u2013 where employees enjoyed a wage growth of 7.1% in 2023 compared to 5.2% in 2022. The report highlighted this as an outcome of the Porgressive Wage Model (PWM).<\/p>\n\n\n\n
<\/figure>\n\n\n\nEven among firms that reported a profit, a higher proportion did not do as well as the previous year.<\/p>\n\n\n\n
#2 Salaries Grew 5.2% In 2023<\/strong><\/h3>\n\n\n\nWith Singapore\u2019s labour market continuing to remain tight, nominal total wages, including both basic wages and annual variable component, grew 5.2% in 2023. <\/p>\n\n\n\n
While this was lower than the 6.5% nominal wage growth in 2022, it continued to outpace inflation \u2013 with real wages growing 0.4% in 2023.<\/p>\n\n\n\n<\/figure>\n\n\n\n#3 A Majority Of Employers Gave A Salary Raise To Workers In 2023<\/strong><\/h3>\n\n\n\nIn 2023, 65.6% of establishments gave their employees a salary raise. However, this was lower compared to 2022 \u2013 where 72.2% of employers increased their employees\u2019 wages.<\/p>\n\n\n\n
Again reflecting the slowing economy, a slightly higher proportion of employers cut wages in 2023 (6.5%), compared to 2022 (5.2%)<\/p>\n\n\n\n<\/figure>\n\n\n\n#4 Lower-Paid Employees Got Bigger Raises In 2023<\/strong><\/h3>\n\n\n\nRank-and-File employees saw their wages grow 4.8% in 2023, while employees in Junior Management received 6.3% wage growth. In contrast, Senior Management received a 4.6% wage growth.<\/p>\n\n\n\n
On average, all three employee categories saw their wages grow by a smaller amount in 2023 compared to 2022. Last year, Rank-and-File employees received a raise of 5.8% and Junior Management employees saw wages grow 7.4%. Similarly, Senior Management employees\u2019 wage growth also slowed from a hike of 6.7% in 2022.<\/p>\n\n\n\n<\/figure>\n\n\n\nThe Report also noted that low-income employees will likely continue to grow in 2024 alongside the increase in Local Qualifying Salary (LQS) from $1,400 to $1,600 in 2024.<\/p>\n\n\n\n
Read Also: Local Qualifying Salary: 5 Things You Need To Know About LQS<\/a><\/em><\/strong><\/p>\n\n\n\n#5 Wages Continue To Grow Across All Industries In Singapore<\/strong><\/h3>\n\n\n\nWhile employees in all industries continued to enjoy wage growth, the magnitude of growth was broadly lower compared to 2022. <\/p>\n\n\n\n
The only exception was in the Administrative & Support Services industry \u2013 where employees enjoyed a wage growth of 7.1% in 2023 compared to 5.2% in 2022. The report highlighted this as an outcome of the Porgressive Wage Model (PWM).<\/p>\n\n\n\n
<\/figure>\n\n\n\n#3 A Majority Of Employers Gave A Salary Raise To Workers In 2023<\/strong><\/h3>\n\n\n\nIn 2023, 65.6% of establishments gave their employees a salary raise. However, this was lower compared to 2022 \u2013 where 72.2% of employers increased their employees\u2019 wages.<\/p>\n\n\n\n
Again reflecting the slowing economy, a slightly higher proportion of employers cut wages in 2023 (6.5%), compared to 2022 (5.2%)<\/p>\n\n\n\n<\/figure>\n\n\n\n#4 Lower-Paid Employees Got Bigger Raises In 2023<\/strong><\/h3>\n\n\n\nRank-and-File employees saw their wages grow 4.8% in 2023, while employees in Junior Management received 6.3% wage growth. In contrast, Senior Management received a 4.6% wage growth.<\/p>\n\n\n\n
On average, all three employee categories saw their wages grow by a smaller amount in 2023 compared to 2022. Last year, Rank-and-File employees received a raise of 5.8% and Junior Management employees saw wages grow 7.4%. Similarly, Senior Management employees\u2019 wage growth also slowed from a hike of 6.7% in 2022.<\/p>\n\n\n\n<\/figure>\n\n\n\nThe Report also noted that low-income employees will likely continue to grow in 2024 alongside the increase in Local Qualifying Salary (LQS) from $1,400 to $1,600 in 2024.<\/p>\n\n\n\n
Read Also: Local Qualifying Salary: 5 Things You Need To Know About LQS<\/a><\/em><\/strong><\/p>\n\n\n\n#5 Wages Continue To Grow Across All Industries In Singapore<\/strong><\/h3>\n\n\n\nWhile employees in all industries continued to enjoy wage growth, the magnitude of growth was broadly lower compared to 2022. <\/p>\n\n\n\n
The only exception was in the Administrative & Support Services industry \u2013 where employees enjoyed a wage growth of 7.1% in 2023 compared to 5.2% in 2022. The report highlighted this as an outcome of the Porgressive Wage Model (PWM).<\/p>\n\n\n\n
<\/figure>\n\n\n\n#4 Lower-Paid Employees Got Bigger Raises In 2023<\/strong><\/h3>\n\n\n\nRank-and-File employees saw their wages grow 4.8% in 2023, while employees in Junior Management received 6.3% wage growth. In contrast, Senior Management received a 4.6% wage growth.<\/p>\n\n\n\n
On average, all three employee categories saw their wages grow by a smaller amount in 2023 compared to 2022. Last year, Rank-and-File employees received a raise of 5.8% and Junior Management employees saw wages grow 7.4%. Similarly, Senior Management employees\u2019 wage growth also slowed from a hike of 6.7% in 2022.<\/p>\n\n\n\n<\/figure>\n\n\n\nThe Report also noted that low-income employees will likely continue to grow in 2024 alongside the increase in Local Qualifying Salary (LQS) from $1,400 to $1,600 in 2024.<\/p>\n\n\n\n
Read Also: Local Qualifying Salary: 5 Things You Need To Know About LQS<\/a><\/em><\/strong><\/p>\n\n\n\n#5 Wages Continue To Grow Across All Industries In Singapore<\/strong><\/h3>\n\n\n\nWhile employees in all industries continued to enjoy wage growth, the magnitude of growth was broadly lower compared to 2022. <\/p>\n\n\n\n
The only exception was in the Administrative & Support Services industry \u2013 where employees enjoyed a wage growth of 7.1% in 2023 compared to 5.2% in 2022. The report highlighted this as an outcome of the Porgressive Wage Model (PWM).<\/p>\n\n\n\n
<\/figure>\n\n\n\nThe Report also noted that low-income employees will likely continue to grow in 2024 alongside the increase in Local Qualifying Salary (LQS) from $1,400 to $1,600 in 2024.<\/p>\n\n\n\n
Read Also: Local Qualifying Salary: 5 Things You Need To Know About LQS<\/a><\/em><\/strong><\/p>\n\n\n\n While employees in all industries continued to enjoy wage growth, the magnitude of growth was broadly lower compared to 2022. <\/p>\n\n\n\n The only exception was in the Administrative & Support Services industry \u2013 where employees enjoyed a wage growth of 7.1% in 2023 compared to 5.2% in 2022. The report highlighted this as an outcome of the Porgressive Wage Model (PWM).<\/p>\n\n\n\n#5 Wages Continue To Grow Across All Industries In Singapore<\/strong><\/h3>\n\n\n\n
![\"Wage](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2024\/07\/Wage-growth-by-industry-in-2023-1024x873.png\")
<\/figure>\n\n\n\n![\"10%](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2024\/07\/10-of-employers-have-adopted-full-Flexible-Wage-System-1024x554.png\")
<\/figure>\n\n\n\n