Fewer wage increase, fewer profitable firms
MOM Wage Practice Report
The latest MOM report revealed that fewer firms were profitable in 2016 compared to 2015, with fewer employees getting wage increases.
Total wage growth was at 75% in 2016, lower than 77% in 2016.
Employer CPF contribution also decreased from 4.9% in 2015 to 3.1% in 2016.
The report also added that 90% of private sector employees now work in flexible wage system, the highest since 2004 (81%).
76% of companies were profitable in 2016 lesser than 79% in 2015.
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