In 2023, annual wages in Singapore increased by *** percent overall. The manufacturing industry saw an increase of **** percent compared to the previous year. In comparison, the construction industry saw a wage change of *** percent.

Wages in Singapore increased to 6434 SGD/Month in the second quarter of 2025 from 6282 SGD/Month in the first quarter of 2025. This dataset provides - Singapore Average Monthly Wages - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, the labor force employment rate of those aged 15 years and above in Singapore was 66.2 percent. Singapore has enjoyed a relatively stable employment rate. In the face of a rapidly aging population, however, it faces higher demand for labor in the workforce. Aging population While Singapore is likely to continue with the strategies of migration and input from foreign labor supply as a means to maintain labor force growth, there is a need to expand the resident labor force at the same time by tapping older age groups as well as women. The minimum retirement age in Singapore is set at 62 years old, however 31.5 percent of residents aged 65 years old were still employed or seeking employment. A profile of older workers in Singapore showed that a large proportion of the current cohort of workers tend to be less educated, and thus many are employed in low-skilled jobs and hence receive lesser wages. It is thus a challenge to raise labor productivity and to enhance their long-term employability in an unstable economic climate. Women in the workforce The female labor force participation rate in Singapore places the city-state behind countries in the APAC region like Vietnam, Cambodia and New Zealand despite higher education attainment amongst women in recent years. The gender gap in the local labor force only emerges when women enter their 30s. In addressing this issue, ad hoc flexible work arrangements, such as unplanned time-off and telecommuting were introduced in recent years. Singapore has also implemented several enhanced maternity benefits and leave schemes for working parents.

The unemployment rate in Singapore raised to around 4.1 percent in 2020 from 3.1 percent in the year before. For many economies, this would be considered overemployment, but Singapore may have a lower natural unemployment rate than other economies.

What’s wrong with overemployment?

When there are not enough workers, firms are forced to hire anyone who is available. This means that employers may not select the best applicants but rather anyone who applies. This leads to lower productivity, because workers are not finding the job for which they are best suited. Companies may also have to offer wages that are so high that they also lead to a rise in prices and thus, to a higher inflation.

Singapore may be different

Singapore has a small, open economy. It has the highest gross domestic product (GDP) per capita in the region, indicating that it is an advanced economy. This is largely due to the small population, which is almost entirely urban. As such, its workforce may be better matched to employer needs, which would reduce the natural level of unemployment.

Singapore SG: Deposit Takers: Earnings and Profitability: Return on Assets data was reported at 1.283 % in 2017. This records an increase from the previous number of 1.054 % for 2016. Singapore SG: Deposit Takers: Earnings and Profitability: Return on Assets data is updated yearly, averaging 1.223 % from Dec 2008 (Median) to 2017, with 10 observations. The data reached an all-time high of 1.442 % in 2012 and a record low of 0.859 % in 2008. Singapore SG: Deposit Takers: Earnings and Profitability: Return on Assets data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Singapore – Table SG.IMF.FSI: Financial Soundness Indicators: Annual.

In 2023, there were approximately ******* foreigners employed as migrant domestic workers (MDWs) in Singapore. That year saw the highest number of migrant domestic workers employed in Singapore in the last decade. Who qualifies as a migrant domestic worker in Singapore? Migrant domestic workers, locally known as maids, make up the second-largest group of foreign workers in Singapore. MDWs must be women between 23 and 50 years from approved source countries, such as Indonesia and the Philippines, who come to Singapore to be helpers in the home. Women applying for this permit must have a minimum of eight years of formal education and undergo medical screening for infectious diseases before being eligible to work. Upon commencing work, their responsibilities range between general housekeeping, childcare duties, and caring for elderly or sick family members. Maids in Singapore – a system rife for abuse? MDWs in Singapore work long hours and are vulnerable to abuse and exploitation. Singapore does not have a minimum wage for MDWs, with salaries ranging from 300 to 650 Singapore dollars a month, markedly below the average monthly salary in Singapore. These women are wholly dependent on their employers for shelter, food, and income. As there are no regulations for working hours for MDWs, many work more than the average paid hours of a regular employee. Only from January 1, 2023, would employers be legally required to give their MDWs one mandatory rest day a month that could not be replaced by monetary compensation.

Inflation rates in the Association of Southeast Asian Nations (ASEAN) ranged from ** percent inflation in Myanmar to **** percent inflation in Thailand in 2025. Only a few countries are in the 2 to 6 percent range that many economists view as optimal for emerging economies. Effects of high inflation High inflation is generally detrimental to the economy. Prices tend to rise faster than wages, meaning that people and firms have less purchasing power. This in turn leads to slower growth in the gross domestic product (GDP). It also leads to a weaker currency. For countries with a positive trade balance this can be beneficial, because exports are relatively cheaper to foreign buyers. Through the same mechanism, net importers suffer from a weaker currency. Additionally, inflation makes a country’s national debt less expensive if the debt is denominated in the local currency. However, most of this debt is in U.S. dollars, so inflation makes the debt more difficult to service and repay. Risks of deflation With deflation, consumers and firms delay investments because they expect prices to be lower in the future. This slows consumption and investment, two major components of GDP growth. The most common example of this is Japan, where the GDP growth rate has been low for a long time due, in large part, to deflation. For this reason, countries like Brunei would rather see low and stable inflation than slight deflation.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.