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Old 30th June 2011, 02:57 PM   #1 (permalink)
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Total wages in private sector up 5.5% in 2010

Total wages in private sector up 5.5% in 2010
Posted: 30 June 2011 1257 hrs


SINGAPORE: The strong Singapore economy and the tightening labour market raised workers' wages last year.


Singapore office workers

The Ministry of Manpower said total wages (comprising basic wages and bonuses) in the private sector grew by 5.5 per cent, after contracting by 0.4 per cent in 2009.

The wage gain was comparable to the 5.9-per-cent growth in pre-recession period in 2007, though it remained lower than that experienced during the economic expansion in 2000 when wages grew 6.6 per cent.

The increase in total wages resulted from a basic wage gain of 3.9 per cent and an increase of 9.0 per cent in bonus (also known as annual variable component) payout from 1.99 months in 2009 to 2.17 months in 2010.

Overall, the annual variable component formed 15.3 per cent of total wages in 2010, up from 14.2 per cent in 2009 but still lower than the 16.1 per cent in 2008 and 16.4 per cent in 2007.

Taking into account inflation, real total wages rose by 2.7 per cent in 2010, after declining by 1.0 per cent in 2009.

Similarly, real basic wages increased by 1.1 per cent, higher than the 0.7 per cent growth in 2009.

Managerial and professional staff saw larger salary increases than lesser-skilled employees.

Singapore's unemployment rate fell to a three-year low of 1.9 per cent in the first quarter of this year, and companies are complaining about difficulty in finding staff.

Source: http://www.channelnewsasia.com/stori...138094/1/.html

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