According to the MOM, nominal total wages of full-time resident employees who had been with the same employer for at least one year grew, but at a slower pace of 5.2% in 2023, down from 6.5% in 2022. That said, wage growth in 2023 remained higher than the range seen in non-recessionary years. Nominal total wages include basic wages, the annual variable component, as well as employer contributions to the Central Provident Fund (CPF).
Total wages grew at a more moderate pace in 2023, says the Ministry of Manpower (MOM) in a press release on June 25.
This came amid cooled labour demand during the year, although the labour market remained tight. In 2023, the job vacancy to unemployed person ratio remained high at 1.87. Unemployment rates during the year stood at 1.8% to 2.3% overall. Resident unemployment rates were at 2.5% to 3.3% while the unemployment rate for citizens stood at 2.7% to 3.5% in 2023.
