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Next year marks a rebound from the 1.5% decrease in real wages in 2023.
Real wages in Singapore fell by 1.5% in 2023 but are expected to rise by 0.5% in 2024, according to the latest Salary Trends Report by ECA International (ECA).
ECA International said real wages are the "nominal wage growth minus the rate of inflation."
In nominal terms, salaries increased by 4% in 2023; however, due to the high inflation, salaries fell by 1.5% in real terms.
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