Real total wages in Singapore, including employer CPF contributions, grew 5.4% in 2015, faster than the 3.9% growth a year ago, according to a Ministry of Manpower (MOM) report on Thursday.
But before you start celebrating, the latest figure is mainly due to a 0.5% drop in consumer prices last year.
That’s right, real total wages seems to be increasing at a faster pace, but only because overall inflation rates in 2015 was negative. Inflation eased from 1.0% in 2014 to -0.5% in 2015.
“Firms were less profitable in 2015 amid softer economic conditions. Fewer gave wage increases compared to the previous year, and wage increases moderated,” MOM revealed.
So how did wages in Singapore really fare last year? Here are 5 things you need to know.
