Would you share your pay with colleagues? Why or why not?

Will share. A bunch of our colleagues after knowing each other's salary, within 6 months, the lower salary employees were reviewed and bumped up.

I would not share with my colleagues. It might just sow discord and breed unhappiness. Besides, how can you be sure they are telling you the truth? Even if it is, will that serve as credible evidence to request for a higher pay? And even if you did, you might be hated in the company for doing so since it was a rather sensitive conversation that was exposed.

If my pay is lower, I feel sad. If my colleague's pay is lower, he/she feels sad.

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Not sure what you can get out of such salary sharing session.

You must then assume that everyone will actually be truthful with what they share. Will people actually share? The supposed information assymetry you mention doesn't just lie between company and employees but amongst the staff themselves.

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Money is inherently a very sensitive topic among Singaporeans. If people actually struggle to share their bank balance, what makes them willing to share their salaries since it infers one's net worth? Eventually you are just opening a can of worms where people are second-guessing about something they have no control about. Note that there will always be a demand for jobs and while this doesnt stop employees from leaving, it doesn't stop companies from hiring too. So this supposed grudge against "information assymetry" does no one any good.

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Anyway, will you actually go up to your managers and go "Staff A is being paid $x and I'm being paid $y. Raise it up or else"? If you aren't doing that, why will people do that?

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I also believe many reputable organizations/government agencies have the no-salary-discussion clause. It will be funny if they were to all exit their companies because of this.