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The tight labour market continued to raise workers' wages last year, but the pace of increase has moderated in 2012 amid weaker economic conditions. A large majority of employees were also under some form of flexible wage system last year, according to new data by the Ministry of Manpower's Research and Statistics Department.
Reflecting the weaker economic conditions last year, total wages in the private sector rose by 4.2% in 2012, which was lower than the 6.1% growth seen in 2011. But after adjusting for inflation, real total wages dropped by 0.4% in 2012, following a rise of 0.9% in 2011.
The data also shows that a large majority of employees in the private sector were under some form of flexible wage system, following a general uptrend in the implementation of flexible wage measures. In December 2012, 87% of private sector employees were working in establishments which had at least one of the flexible wage components, compared to 86% in December 2011.
Last year, Singapore’s real gross domestic product grew by 1.3%, moderating from the 5.2% growth in 2011. Total employment increased by 4.0% in 2012 while the overall unemployment rate remained at a low of 2.0% in 2012.
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