“The survey findings suggest that while labour market pressures have eased somewhat, most employers continue to face significant cost pressures and uncertainties in business outlook,” said Kuah Boon Wee, vice president of the SNEF Council, in a statement.
“This is reflected in the measured approach many are taking towards wage adjustments with slightly more companies planning wage moderation or wage freeze.”
The report noted, however, that 86% of employers are planning to provide built-in wage increases for lower-wage workers in 2027.
The remaining 14% are planning a wage freeze, while no company is considering a wage cut for these workers next year.
“It is also heartening that most employers remain committed to supporting lower-wage workers though fewer are planning to give wage increases,” Kuah said.