An honorable member of the Coffee Shop Has Just Posted the Following:
INGAPORE - The number of employees who received pay rises in 2016 dropped, according to a Ministry of Manpower (MOM) report on wage practices.
Total wage growth, including employer CPF contributions, also moderated from 4.9 per cent in 2015 to 3.1 per cent in 2016.
The report, which was released on Tuesday (May 30), said the proportion of employees who received total wage increase declined from 77 per cent to 75 per cent.
In its report, MOM said wage increase continued to moderate as the majority of firms had put in place a wage system that gave flexibility to adjust wages according to business conditions.
This reflected a moderation in basic wage growth as bonus payments were similar, MOM added.
The proportion of profitable private firms also continued to fall - from 79 per cent in 2015 to 76 per cent last year.
A decline was also seen in the proportion of firms with similar profits (from 29 per cent to 26 per cent), while firms which incurred losses rose (from 21 per cent to 24 per cent).
At least 90 per cent of firms cited establishment and employee performance as determinants of wage increases and bonuses in 2016.
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