It looks like it doesn’t pay to be in the leisure and hospitality sector.
The pharmaceutical and health sciences sector is expected to witness the highest salary raise of 4.3% next year, according to Willis Tower Watson’s Asia Pacific Salary Budget Planning Report.
Employees in the media sector also have reason to celebrate as they are projected to enjoy 4.1% pay hike next year.
On the other hand, workers in the banking and business support services sector will see the lowest salary increase at around 3% followed by the leisure and hospitality sector at 3.5%.
Overall, Singaporeans can expect to enjoy real wage increases of 2.4%, lower than last year’s 2.7% as inflation kicks in and purchasing power is diminished.
In the regional report, India, China and Vietnam led the pack with the largest expected payhikes in Asia Pacific whilst the more developed markets of Singapore, Hong Kong, Japan are laggards in the lowest overall wage growth.
Do you know more about this story? Contact us anonymously through this link.