Singapore’s Ministry of Manpower released data from their annual Occupational Wage Survey recently.
Conducted from July to December 2024, the survey covers 407,800 full-time resident employees from private sector companies with at least 25 employees each.
Watch here to learn which are the top 10 jobs that pay the most in Singapore currently!
However, for the rest of the folks in other jobs and sectors, the outlook is less rosy. According to this report released by the Ministry of Manpower (MOM), signs of softening are emerging in certain sectors.
A new survey conducted by the Singapore Business Federation (SBF) also showed more Singaporean companies are pessimistic about the current state of the economy. The number of employers who are planning to freeze wages increased to 41% this year, compared to 35% in 2024. Furthermore, those intending to increase salaries for their employees have fallen to 59%, compared to 64% previously.
Kok Ping Soon, SBF Chief Executive Officer, said: “The survey findings reflect a more cautious business outlook, reinforcing the need for companies to adapt quickly to cost pressures and shifting market dynamics.”
He added that local employers should leverage on Singapore’s strong public-private support and available schemes to alleviate challenges and remain competitive in these tough times.
Key findings from Singapore employers
- Business outlook has weakened, with proportion of businesses expecting the economy to worsen in the next 12 months, nearly doubling from 22% in Q4 2024 to 40% in Q1 2025.
- Both SMEs and large companies are increasingly bearish about the economic outlook for the next 12months.
- The proportion of SMEs expecting economic conditions to worsen increased from 23% in Q4 2024 to 41% in Q1 2025, while the proportion of large companies with the same view increased from 18% in Q4 2024 to 38% in Q1 2025.
- Businesses in these sectors — Hotels, Restaurants & Accommodations, Health and Social Services, and Retail Trade — have a more bearish outlook. However, those in the Wholesale Trade and Administrative & Support Services sectors are slightly more optimistic about the economy in the next 12 months.
- Notably, the Hotels, Restaurants & Accommodations sector reported the lowest overall Business Sentiment Index score among all sectors.
- More businesses express dissatisfaction (32%) with the global business climate compared to satisfaction (10%), whereas an equal proportion of businesses express dissatisfaction and satisfaction with the ASEAN business climate (19%).
According to the SBF survey, the industries with the most optimistic employers still keen to hire are:
- Hotels, Restaurants & Accommodations
- IT & Related Services
- Education
The local employers with the least optimistic hiring outlook:
- Wholesale Trade
- Manufacturing
- Professional Services
Follow us on LinkedIn for more expert career guidance and industry insights: Workforce Singapore on LinkedIn
Stay updated with the latest trends, job market shifts and career health advice from WSG.
