Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>Singapore>>Employment>>Real wages in Singapore up 5.4% last year
NEWS UPDATES Asean Affairs     3  June  2016  





Real wages in Singapore up 5.4% last year

SINGAPORE: Real wages in Singapore rose 5.4 per cent last year amid negative inflation, the Ministry of Manpower (MOM) said in its annual report on wage practices on Thursday (Jun 2).

In the private sector, nominal wages grew 4 per cent in 2015, down from the 4.9 per cent increase the year before. When employer Central Provident Fund (CPF) contributions are factored in, growth in total wages remained stable at 4.9 per cent, due to the increase in employer CPF contributions last year.

Taking into account the 0.5 per cent fall in consumer prices in 2015, real wages, including employer CPF contributions, rose by 5.4 per cent, compared with 3.9 per cent the previous year.

FIRMS HIT BY WEAKER ECONOMY

However, companies were hit by softer economic conditions, with fewer turning a profit and fewer giving salary increases, the ministry said.

About 79 per cent of companies reported that they were profitable, down from 82 per cent in 2014. The proportion of firms which were profitable but did not do as well as the previous year rose to 38 per cent from 32 per cent in 2014.

Only 64 per cent of firms raised the total wages of their employees last year, down from 72 per cent in 2014. About 25 per cent of firms kept wages unchanged, compared with 20 per cent in 2014, while 11 per cent of firms cut wages, compared with 7.7 per cent in 2014.

Among companies which had low-wage workers – those earning a monthly basic salary of up to S$1,100 – nearly half, or 46 per cent, of them increased the wages of these employers. This was down from 59 per cent in 2014 for employees earning up to S$1,000.

Only 18 per cent of these firms gave an increment of at least S$60 – the National Wage Council’s recommendation for this year – compared with 31 per cent the previous year.

Among firms that did not increase wages, half of them indicated that they were already paying the workers the market rate, while others cited poor business and high business costs as reasons.

The report also noted that more firms were adopting flexible or performance-based wage measures. Most employees, or about 90 per cent of all private-sector employees, were under some form of flexible wage system last year – the highest figure since 2004, MOM said.

Some of the more widely-adopted measures included having a narrow maximum-minimum salary ratio, linking variable bonus to Key Performance Indicators, and having a Monthly Variable Component in the wage structure.



Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



 
Today's  Stories                           June 3, 2016 Subsribe Now !
• A New Online Learning Resource Launched to Help Grow Businesses in ASEAN Subcribe: Asean Affairs Global Magazine
• Government peace team to meet non-NCA signatory organisations on 3 June
• Real wages in Singapore up 5.4% last year
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• 4G networks to cover 95% of outdoor areas from July: IDA
Vingroup agrees to support nearly 250 local firms
Asean Analysis                  May 27, 2016
• Asean Analysis May 27, 2016
With a Dozen Economic Reform Packages under His Belt, Indonesia’s Jokowi Settles In
Advertise Your Brand

Asean Stock Watch  May 31, 2016
• Asean Stock Watch-May 31, 2016
The Biweekly Update
• The Biweekly Update  May 27, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com