, Singapore

Majority of Singaporeans expect a salary increase this year

Around 45% of the workers feel they are underpaid.

A total of 56% of workers in Singapore are expecting a salary increase this year as salary remains the most important priority amongst them, according to a report by ADP.

In the People at Work 2023: A Global Workforce View report, ADP found that amongst the markets it surveyed in the Asia Pacific which include India, China, and Australia, Singapore workers are the only ones who consider salary as the most important at 69%, followed by job security at 41%.

Around 48% of the workers in the Lion City are also expecting a bonus this year.

READ MORE: Salary for software engineers soar 7.61% YoY

The report also found that 45% of Singapore workers feel they are underpaid in their current position, whilst 52% are not satisfied with their wages.

“Employers have a difficult task weighing the clamour for higher pay against their own challenges around rising costs and tightening profit margins,” said Yvonne Teo, Vice President of HR, APAC, ADP.

“Workers are generally confident that they will get a pay rise from their current company or be able to secure one by moving jobs. The implications for talent acquisition and retention are substantial,” she added.

Workers in the lower and middle-class band bear the brunt of the rising cost of living, whilst some high earners are also affected by the rise in prices. Teo said that even if the inflation has peaked, it may take a while to return to “more comfortable levels.”

“Employers who aren’t in a financial position to offer decent pay rises may have to think creatively about how to appease staff in other ways, such as via offering greater flexibility or other benefits,” Teo said.

Globally, workers are expecting a salary raise of 8.3% on average, with 34% of workers expecting a 10% or more increase, and 10% are seeing over a 15% raise.

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