Story perspectives

Singapore Employers Struggle with Rising Costs, Urge Policy Changes

4/21/2026

Summary

Story summary

A recent poll by the Singapore National Employers Federation (SNEF) indicates that nearly all employers in Singapore are facing increased operating costs due to the energy shock from the Iran war.
Approximately 96% of companies reported higher expenses for fuel and materials, with 19% experiencing cost surges exceeding 25%.
Many businesses have frozen hiring and reduced employee benefits to cope with these financial pressures.
SNEF chief executive Hao Shuo urged the government to consider economic conditions when implementing new foreign manpower policies, particularly regarding rising minimum salaries for Employment Pass and S Pass holders set for 2027.

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Story summary

A recent poll by the Singapore National Employers Federation (SNEF) indicates that nearly all employers in Singapore are facing increased operating costs due to the energy shock from the Iran war.
Approximately 96% of companies reported higher expenses for fuel and materials, with 19% experiencing cost surges exceeding 25%.
Many businesses have frozen hiring and reduced employee benefits to cope with these financial pressures.
SNEF chief executive Hao Shuo urged the government to consider economic conditions when implementing new foreign manpower policies, particularly regarding rising minimum salaries for Employment Pass and S Pass holders set for 2027.