Majority of Employers Plan to Raise Salaries Next Year A recent survey by the Singapore Business Federation revealed that 2 in 3 employers are planning to raise wages in 2024, with an average increase of around 6%. The remainder of the survey respondents indicated they would freeze salaries next year, while 1% said they planned to cut wages. This is an encouraging sign of business resilience in the face of dragging global economic recovery. The expected pay increase would also help Singaporeans keep up with inflation, given that real wage growth was only 0.4% last year due to the erosionary effect of high inflation. Perhaps unsurprisingly, there were a greater proportion of large companies (88%) aiming to raise salaries next year, compared to SMEs (73%). Encouragingly, employers remain optimistic about jobs, with 89% of respondents expecting to maintain or increase headcounts in the next 12 months. In contrast, only 80% of respondents had maintained or increased their labour force in the past 12 months....