New numbers from the Ministry of Manpower show that real wages grew by 4% in 2025, meaning workers are, in theory, seeing their spending power improve as inflation eases. But beneath the headline, the story is far more mixed.

Some industries are seeing stronger salary growth, others are slowing down. Fewer companies are giving raises despite stronger profits, and many Singaporeans still say the cost of living feels high.

So are workers genuinely better off right now? Which sectors are winning the wage race, and which ones may be falling behind? And as global uncertainty continues, can Singaporeans expect salary growth to continue into the years ahead?

On The Big Story, Hongbin Jeong speaks to Terence Ho, Executive Director, Institute for Adult Learning, Singapore University of Social Sciences (SUSS), to break down the numbers and what they really mean for workers, businesses and job seekers.