MAS: Wages in Singapore are expected to see a slower rise as labor demand softens
01-05-2023 | By Brandon Yeo, MD, ETC
According to a recent report by the Monetary Authority of Singapore (MAS), wages in Singapore are expected to see a slower rise as labor demand softens in the weaker economy. The report notes that this trend is led by lower business activity and a slowdown in the job market.
From an employment perspective, it’s important to note that this means job seekers may need to adjust their salary expectations and be prepared for a more competitive job market, especially in external oriented sectors such as trade and manufacturing.
It is positive to see that policies to uplift incomes of lower-wages workers, including enhancements to the Progressive Wage Model, and salary increases in the civil service, healthcare and education sectors, effecting changes. On the other hand, employers may have more bargaining power in terms of hiring.
Ultimately, it’s crucial for both job seekers and employers to stay informed and adaptable in this rapidly changing economic climate.
