Salaries set to rise by 4% across all industries in 2025

The real estate, consumer goods, retail, and banking & finance sectors may see the highest salary increases.

Salaries in Singapore are projected to rise by 4.1% across all industries in 2025, according to Mercer’s Total Remuneration Survey.

Companies in Real Estate, Consumer Goods, Retail, and Banking & Finance are expected to lead with the highest salary increases, ranging between 4% to 4.5%, while sectors like Aerospace, Construction, Logistics, Technology, Life Sciences, Chemicals, and Energy anticipate growth of 3.9% to 4.2%.

Meanwhile, the Healthcare and Education sectors are projected to remain aligned with market averages, with increases between 3.6% and 4%.

Mercer said the employment outlook remains positive with 17.5% of organizations planning to increase headcount in 2025.

However, it noted recent developments in the last quarter of 2024 are prompting boards and senior management to adopt a cautious approach to salary budgets.

Employers are expected to focus on performance-based rewards and the strategic allocation of increment budgets to address potential economic challenges.

The report also highlighted the rising demand for skills in Business Continuity Planning, Alliance Partnerships, Strategic Planning, Digitalization, and Sales Enablement, as businesses prioritize these areas to navigate uncertainty, enhance efficiency, and build resilience.

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