Senior management wages up 5.1% this year

Real wages in Singapore up 3.2% in 2024 but fewer firms plan increases this year

Anand Srinivasan
May 29, 2025

“Chase the vision, not the money; the money will end up following you.” – Tony Hsieh, late CEO of Zappos

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Singapore’s Construction Industry on the Rise: Key Drivers and Investor Insights
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Real wages in Singapore up 3.2%
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Singapore construction sector expected to grow from US$31.18 billion in 2023 to US$43.22 billion by 2030
In Q1 of 2025, construction contribution US$4.035 billion to Singapore’s GDP
Under Singapore Green Plan 2030, industries get tax breaks, and R&D grants financed by US$27.1 billion green bonds.
Link to apply for funding: https://www.greenplan.gov.sg/funding/

US solar manufacturers are urging the International Trade Commission (ITC) to close a potential tariff loophole
Current regulations could allow a surge of tariff-free solar imports from Southeast Asia.
Duties could range from 34% to 3,521% depending on country and manufacturer
Tariff history shows firms could relocate from South East Asia if this tariff comes into play
Tariff can also increase costs by $0.08-$0.12 per watt
Link to current solar import tariffs from SEA: https://www.projectfinance.law/publications/2025/april/updated-solar-import-tariffs

Nominal total wages grew by 5.6 per cent in 2024
- Rank-and-file worker wage growth: 5.8%
- Junior management: 5.6%
- Senior management: 5.1%
22 per cent of firms plan to pay increments in March 2025, (down from 32 per cent in December 2024).
3.2% of firms cut wages in 2024 (compared to 6.5% in 2023)
Business Sentiment Index (BSI) stands at 56.5, indicating a cautious mood

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Singapore Business Confidence

Source: Trading Economics

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