The raises will be surely received by those with niche skills in sales, IT, and accountancy & finance.
Almost half (49%) of Singapore employers plan to raise salaries by 3-6% in their next review, whilst 14% plan raises of over 6%, recruitment firm Hays revealed. Only 5% will offer no increases at all.
According to Hays' 2018 Asia Salary Guide, most employers in Singapore (46%) awarded salary increases from between 3-6% during their last review period. A further 13% of employers increased salaries by more than 6%, whilst 33% raised salaries by up to 3% and 8% gave no increases at all.
Hays Singapore managing director Lynne Roeder said, “Our Guide shows that most companies in Singapore are taking a conservative approach to salary increases for the most part, but are more than willing to go well above the average when hiring those with niche skills and in areas of skill shortage.”
“Specialised roles in some areas of sales, IT and accountancy & finance are experiencing skill shortages and thus commanding substantial salary increases,” she added.
The majority of employers in Singapore (89%) award staff benefits against the average 83% for all of its markets surveyed. The most popular benefit in Singapore by far is ‘health/medical’ benefits nominated by 93%. Next up was ‘car/car allowance’ (43%) and ‘life assurance’ for workers (36%).
In 2018, 53% of employers in Singapore plan to award bonuses to more than 50% of staff, a 5% decrease from the figure reported last year. Most of our Singapore respondents said bonuses would be based on ‘individual performance’ (89%) and ‘company performance’ (87%). Another 32% cited ‘team performance’.
Compared to other countries, employers in China are again the most generous when it comes to salary increases with 51% planning increases of more than 6% in 2018 and 35% intending to increase salaries from between 3-6%.
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