140 views

Which workers saw salary gains in 2021

Employees in the information and communications sector had a 5.1% wage hike.

After thriving during the health crisis, employees in the information and communications industry saw the highest wage increase with 5.1% in 2021, much higher than pre-pandemic salary rates in 2019.

This is according to the Ministry of Manpower (MOM), which cited that the information and communications sector had less impact during the global infection of the fatal disease. 

Following the information industry, financial and insurance services reported 4.1% growth, then manufacturing with 4% growth.

Although not as much, other sectors that were gravely affected by the global health crisis posted wage hikes, such as accommodation with 1.7%, which declined by 5.3% in 2020, followed by transportation and storage with 2.8%, which declined by 3% in 2020, and food and beverages services with 2.6%, which was down by 1.5% in the past two years.

Overall, the nominal wage rate grew by 1.6% in 2021 but it is on a slow pace due to rising prices.

READ MORE: Salary growth slowly rises 1.6% in 2021

But the MOM noted that further loosening health rules and border restrictions could increase salaries further in 2022. 

“Wages are expected to continue to grow in 2022, as the labour market is expected to remain tight, and firms compete for workers,” said MOM.

At the same time, it warned that supply chain disruptions and uncertainty from geopolitical tensions may affect businesses' confidence and slow rate of growth.

READ MORE: 4 in 10 business leaders diversify supply chain sources

Follow the link 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!