S’pore managers can expect 5pc pay rise at most this year
Singaporean managers and senior staff can prepare for five per cent pay increases at most this year as the labour market stabilises.
About 93 per cent of firms here said they would keep or raise headcount this year, according to a survey by recruitment consultancy Michael Page of 450 businesses in the city state. Only 36 per cent said they would recruit new hires.
Singapore’s unemployment rate recently hit a six-year high of 2.2 per cent, though the country still remains one of the easiest places in the world to find work.
In Asia, 48 per cent of the 3,400 firms in the survey said they planned to increase wages by five per cent or less, compared with 58 per cent of Singapore-based firms.
“While employers have agreed that salaries are an important retention tool, other popular employee engagement initiatives include opportunities for career progression and learning and development,” said the consultancy.
The hot jobs here are in the digital, technology and health care industries, which is where the government is pledging more investment.
In the less buoyant financial services sector, financial technology jobs should be helped by a funding plan to support local firms, according to Michael Page.
The gig economy is also becoming a bigger feature in Singapore’s economy: 68 per cent of all companies surveyed are using contractors, especially in technology and business support industries.
More companies were adopting strategies such as annual leave, medical benefits and completion bonuses to woo more professional contract workers, said the consultancy.