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MOM: 3.2% real wage growth in 2024 as inflation eased
MOM: 3.2% real wage growth in 2024 as inflation eased

Independent Singapore

time28-05-2025

  • Business
  • Independent Singapore

MOM: 3.2% real wage growth in 2024 as inflation eased

SINGAPORE: A report published by the Ministry of Manpower (MOM) on Wednesday (May 28) showed that wages in Singapore have continued to grow, having gone up by 5.6 per cent last year. In comparison, wages went up by 5.2 per cent in 2023. The MOM also noted that the labour market remained tight in 2024. A tight labour market is characterised by a high demand for labour in relation to its supply, which means there are more job positions than workers available to fill them. A 'loose labour market', meanwhile, occurs when there are more workers than available positions. With inflation easing, real wage growth rose quite a bit in 2024, 3.2 per cent compared to 0.4 per cent in 2023. Additionally, as the economy continued to grow last year, four in five (80.8 per cent) of establishments remained profitable. This number is slightly lower than the previous year, when 82.1 per cent of establishments were profitable. The profitability of establishments varied across industries, with manufacturing seeing a rise in profitable firms, but real estate services, construction, and wholesale trade observed fewer profitable businesses. Last year, 78.3 per cent of businesses continued to raise the salaries of their employees, in comparison to 2023, when 65.6 per cent of firms did so. The report from MOM notes, however, that most firms that raised employees' salaries did so because of past organisational performance rather than forward-looking confidence. Regarding wage growth, senior management saw a slightly smaller rate of increase (5.1 per cent) than rank and file (5.8 per cent) and junior management (5.6 per cent) employees. The report says that this is partly in reflection of endeavours to offset cost-of-living pressures. Salary growth was seen last year across all industries, with Administrative & Support Services reporting the highest growth, 8.7 per cent. Financial Services (6.7 per cent) and Community, Social & Personal Services (5.7 per cent) also saw above-average increases amid continued demand for skilled workers. See also Prata Wala @ Nex apologises for letting its customers down However, workers in Food & Beverage Services (4.8 per cent), Wholesale Trade (4.2 per cent), and Manufacturing (5.1 per cent) saw below-average wage growth. 'Looking ahead, economic headwinds remain a key concern. With geopolitical tensions and global trade uncertainty persisting, business sentiments have softened. MOM's forward-looking survey conducted in the first quarter of 2025 also indicated a decline in the share of firms planning to raise wages in the next three months. These developments point to a potential moderation in nominal wage growth in 2025, relative to 2024, particularly in trade-reliant sectors such as Manufacturing and Wholesale Trade,' the report added. /TISG Read also: Singapore executive professionals most dissatisfied with salary growth amid wage stagnation over the past 3 years

Average weekly earnings of Irish workers surpass €1,000 for first time
Average weekly earnings of Irish workers surpass €1,000 for first time

Irish Times

time27-05-2025

  • Business
  • Irish Times

Average weekly earnings of Irish workers surpass €1,000 for first time

Average weekly earnings in the Irish economy have surpassed €1,000 for the first time. Central Statistics Office (CSO) data showed average earnings across all sectors rose (on annual basis) by 5.6 per cent to €1,026 in the first quarter. 'Average earnings in the economy continue to increase year-on-year, surpassing €1,000 for the first time in the series (in 2008),' the CSO's Louise Egan said. 'This is driven by a number of factors, including a stable job vacancy rate for the past 18 months, as well as annual employment growth of 3.3 per cent as reported in the latest CSO Labour Force Survey,' she said. READ MORE Average hourly earnings rose at a rate of 5.9 per cent, increasing from €29.96 to €31.72. The elevated levels of wage growth come as workers seek real wage catch-up after the previous period of inflation. But European Central Bank (ECB) policymakers remain concerned about inflation linked to wage demands in the services sector. 'We're at a critically low level of housing stock' for buyers and renters Listen | 33:06 The job vacancy rate, which measures job vacancies on the last working day of the quarter, was 1.3 per cent, slightly higher than the 1.2 per cent recorded at both the end of the first and last quarters in 2024. The CSO data showed average weekly earnings rose across 12 out of 13 sectors in the year to the first quarter. The largest annual percentage was 8 per cent in the arts, entertainment, recreation and other service activities sector, followed by an increase of 7.9 per cen in the professional, scientific and technical activities sector. [ Delay in minimum wage could lead to industrial action, unions warn Opens in new window ] Information and communication workers were the highest paid workers in the State, earning on average €1,839.67 per week, up 4 per cent year on year, followed by employees in the financial insurance and real estate sector who earned on average €1,565.37 per week, up 2.8 per cent. Workers in the accommodation and food services sector were the lowest paid earning on average €436.10, down 1.2 per cent annually. However, the latter figure reflects the high level of part-time staff in the sector.

Scots £15,000 a year poorer due to flatlining wages, research finds
Scots £15,000 a year poorer due to flatlining wages, research finds

The Independent

time15-05-2025

  • Business
  • The Independent

Scots £15,000 a year poorer due to flatlining wages, research finds

Flatlining wages mean Scots are now £15,000 a year poorer than they should be, research has found. According to analysis by the Future Economy Scotland think tank, workers would be £297 a week richer if wages had continued to grow 'as normal' after 2007/08 financial crisis. Real average weekly earnings in 2024 were just £8 higher than they were in 2008, the researchers said – the equivalent to an increase of just 1% over the past 16 years. If earnings had continued to grow at the pre-crisis rate of 2.2%, Future Economy Scotland – which analysed figures from the ONS – said that would be the equivalent of £15,000 a year. The average full-time salary in Scotland in 2024 was £38,464, meaning the same worker would now be paid £53,923 had salaries risen as expected. Laurie Macfarlane, co-director of the think tank, said wage growth in Scotland is historically low. 'Never in modern times have Scots seen their earnings grow so little over a 16-year period,' he said. 'Our analysis shows that if wages had instead grown as normal since 2008, the average full-time worker would be over £15,000 a year better off.' Mr Macfarlane said for many households, this meant the difference between economic security and 'living on the breadline'. He went on: 'Although real earnings are now rising slowly again, the damage inflicted by disastrous austerity and runaway inflation cannot be undone. 'Rather than scapegoating migrants for the country's economic failures, the debate must focus on the real culprit: a broken economic model. 'As we enter an election year, there is an urgent need for political parties to embrace bold new ideas to transform the economy. 'Scotland simply can't afford yet another five years of economic failure.'

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