Major news in Singapore on Jun 29 : S’pore’s private sector wages up 6.1% in 2011: report

Top news in <The Business Times> : S’pore’s private sector wages up 6.1% in 2011: report

PUBLISHED JUNE 29, 2012 BY ANGELA TENG

The Ministry of Manpower’s Research and Statistics Department jointly released the annual report on wages in Singapore for 2011 on Friday, reporting that total wages (including employer CPF contributions) in the private sector rose by 6.1 per cent in 2011, higher than the growth of 5.7 per cent in 2010.

Taking into account the rise in consumer price index (CPI), the increase in real terms was 0.9 per cent in 2011, lower than the gain of 2.9 per cent in 2010.

The private sector paid out more bonuses for the year (also known as annual variable component) averaging 2.32 months of basic wage, up from 2.17 months in 2010.

Tight labour market continued to lift workers’ wages, despite the slower economic growth in 2011.

news@theasian.asia