Did the salary hike keep up with inflation?

Inflation offset salaries by 1.7% in real terms this year.

Employees in the Lion City may have received a salary increase in 2022 but minus the rate of inflation, it declined by almost 2%, ECA International’s annual Salary Trends showed.

This year, Singaporean workers got a pay hike of 3.8% in nominal terms and the rate of growth is seen to increase further to 4% next year. 

But inflation in the market is 5.5%, this year similar to the average rate of inflation in Asia Pacific and is projected to decrease to 3% in 2023.

A silver lining for Singapore’s workforce is that it can see a return to real salary growth next year but it will be “modest,”  Lee Quane, Regional Director – Asia at ECA International said.

“Lower-income and more vulnerable individuals will also benefit in the meantime from the government’s proactive support measures aimed at shielding its citizens from the impact of inflation,” Quane added.

The annual Salary Trends report evaluates current and projected wage hikes in more than 60 markets and cities across the world.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!