Median salary in Singapore to increase by 4.0% in 2024: report
In 2023, salaries also rose by 4.0%.
Compared to other Southeast Asian countries (SEA), salaries in Singapore will stay flat in 2024.
According to global professional services firm Aon plc, the median salary in Singapore will rise by 4.0%, the same level of increase in 2023.
Amongst sectors in Singapore, technology will likely have the highest increase in median salary at 4.5%.
Aon reported that across SEA, particularly in Singapore, Malaysia, and the Philippines, more than half of the roles have had salary increases outrun inflation.
In Singapore and the Philippines, 71.7% of salary increases outran inflation.
“Southeast Asia has long been a hotbed of economic growth, attracting talent from across the globe. As it confronts the prospect of a looming recession, the dynamics of salary increases, turnover, and workforce stability take on greater significance," Alina Cheng, head of Data Solutions, southeast Asia for Talent Solutions at Aon, said.
"In these challenging times, simply increasing salaries is unsustainable for firms as they look to manage profitability and people costs amongst other factors. Having a holistic total rewards strategy based on data and analytics will therefore ensure organisations will attract and retain the right talent and continue to build a resilient workforce,” Cheng added.