What will push employers to raise 2023 salaries
Employers in Singapore expect a 4% salary increase.
With the tight labour market and rising costs, employers in Singapore are looking to increase the wage of their workers in 2023, showed the global advisory, broking and solutions company WTW’s Salary Budget Planning Report.
In the report, Singapore’s projected 2023 salary increase goes up to 4% in 2023 from 3.9% in 2022.
On reasons behind raising the salary, 66.2% firms said they are concerned over a tighter labour market, 52.3% companies said they are worried about cost management, 43.1% said they are concerned about employee expectations.
Over 65% still have no action in making or considering more frequent salary increase adjustments whilst 21% are planning to do so and 13% already increased the frequency of raising salaries.
Among these 34% who have plans and already raised salaries, the vast majority or 95% of companies have or will adjust salaries twice per year.
The research used survey of 6,945 businesses in Asia Pacific, including over 620 companies in Singapore.