The Big Story: Singapore’s real wages rose 3.2% in 2024, highest since Covid-19. But how sustainable is this trend?

Your Way Home with Hongbin Jeong · May 28, 2025 · 10m

Singapore’s real wages rose by 3.2% in 2024, marking a rebound from the modest 0.4% growth the year before as nominal wage increases outpaced easing inflation. Yet, concerns are emerging over the sustainability of this trend. Despite stronger-than-expected GDP growth in early 2024 and signs of easing in US-China trade tensions, MOM expects wage growth to moderate in 2025. What explains the cautious outlook amid improving economic indicators? Why are certain sectors seeing stronger wage and profit growth than others? And how might global and domestic forces shape the future of wages in…