Economic Performance and Labour Market in 2014

  1. In 2014, the Singapore economy grew by 2.9%, slower than the 4.4% growth in 2013. Total employment increased by 130,100, lower than the increase of     136,200 in 2013. The overall unemployment rate (2.0%) and resident unemployment rate (2.7%) remained low in 2014, comparable to 2013.
  2. The Consumer Price Index (CPI) rose by 1.0% in 2014, easing from the 2.4% increase in 2013. CPI less imputed rentals on owner-occupied accommodation (OOA), which relates more directly to the actual cash spending of households, rose by 1.2% in 2014, a moderation from the 1.9% increase in 2013.
  3. Overall productivity growth declined by 0.8% in 2014, after rising marginally by 0.3% in 2013.1

  4. Total nominal wages in the private sector grew by 4.9% in 2014, including bonuses and employer Central Provident Fund (CPF) contributions. This was lower than the increase of 5.3% in 2013. The total wage increase in 2014 stemmed from a basic wage gain of 4.9% in 2014 (a slight decrease from 5.1% in 2013), while bonuses remained unchanged at 2.21 months of basic wages in 2014.

Read more at MOM publication ……

http://www.mom.gov.sg/newsroom/press-releases/2015/0529-national-wages-council-guidelines-2015-2016