But they still lag Hong Kong and Malaysia which have a higher number of workers confident about raises.
Singaporean employees are less confident (63.9%) than those in Malaysia and Hong Kong in salary negotiations for a higher pay despite improving economic conditions, Randstad Singapore revealed.
According to a survey, only 63.9% of Singapore workers are expecting pay raises this year, significantly lower compared to those in Hong Kong at 71.2% and Malaysia at 78.1%. Seven out of 10 Singaporeans are expecting to receive bonus payouts, whilst in Malaysia there are eight out of 10 and in Hong Kong there is 52.5%.
Overall, employees from Singapore, Malaysia and Hong Kong SAR are more demanding of their employers - with 68.9% expecting higher salaries this year. “This boost in employees’ confidence stems from anticipated economic growth as a result of increasing domestic consumption and exports,” Randstad said.
Randstad Singapore managing director Jaya Dass said, “Companies are likely to take a cautious approach and will wait for the market to stabilise before committing to increasing employees’ salaries. This would explain why employees here are not as confident as their regional counterparts in negotiating for higher salaries this year. However, not all is doom and gloom, as the positive economic outlook will encourage employees with in-demand skills and experience to negotiate for a better salary or competitive performance bonuses.”
Younger Singaporeans between the ages of 18 and 34 are 16.5% more likely to demand a higher pay from their employers as compared to seasoned professionals (58.1%). “The salary increment is expected to help them better manage the high cost of living in Singapore. More male employees expect a bonus (71.5%) at the end of this fiscal year than female employees (68.3%),” the company added.
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