Real wages recover but pay satisfaction lags: Jobstreet

Jobstreet said workers increasingly expect clearer links between pay, performance, progression, and recognition.

Workers saw a recovery in real wages in 2025, but higher purchasing power has not fully translated into stronger salary satisfaction, according to Jobstreet by SEEK in Singapore.

Citing the Ministry of Manpower’s (MOM) Report on Wage Practices 2025, Jobstreet said nominal wage growth moderated to 4.9%, whilst easing inflation helped real wages grow 4%.

However, Jobstreet’s Salary Pulse Report 2026 found that only 37% of workers said they are genuinely happy with their salary, even though 71% said they feel fairly or well paid.

The firm said these points point to a disconnect between macro-level wage improvements and how employees experience compensation day to day. It added that factors such as purpose and work satisfaction also affect overall employee sentiment.

Wage growth also remained uneven across sectors. Jobstreet said Administrative & Support Services, Insurance Services, and Financial Services recorded some of the strongest wage growth in 2025, supported by demand for specialised talent and sector-specific structures such as the Progressive Wage Model.

On the Jobstreet platform, applications for IT roles rose 169% YoY, whilst applications for science and technology roles increased 29%, based on comparisons between November 2023 to October 2024 and November 2024 to October 2025.

Jobstreet said employers appear to be more selective in hiring and rewards, placing greater emphasis on specialised or business-critical skills rather than broad-based hiring expansion.

Despite stronger profitability overall, fewer firms granted wage increases in 2025 and more kept wages unchanged, according to MOM’s findings. Jobstreet said this suggests businesses remain cautious about long-term labour costs amid economic and geopolitical uncertainty.

The firm expects companies to remain measured in hiring and wage decisions through 2026. Technology, financial services, and selected professional roles are expected to see stronger wage resilience, whilst sectors facing tighter margins, slower consumer demand, or higher operating costs may take a more cautious approach.

Jobstreet said wage growth alone may no longer be enough to sustain engagement or retention. Its findings showed that workers happy with their pay are 3.7 times more likely to go above and beyond at work, whilst unhappy workers are 1.7 times more likely to consider changing jobs.

It added that pay transparency is becoming increasingly important, with 77% of workers saying they want salary ranges disclosed internally.