Executive roles in life science and tech sector are poised to enjoy the biggest raise.
Employees in Singapore could look forward to an overall salary increase that could hit 3.8% in 2019, a study by Mercer found, although those working in the real estate, banking, and lifestyle retail sectors may not be as lucky as their peers.
Life science and tech industries clinched the top spot with highest base pay and total cash increases for executive roles in 2019 whilst the legal, finance and R&D sectors are the most likely to hire more people.
Moreover, specialist engineering and sales talent is predicted to be on demand with the positive signs of revival in the semiconductor and biotechnology sectors.
Meanwhile, the study found that the insurance industry is likely to see healthy salary growth despite the projected muted expansion for the rest of the banking and financial services industry.
“The current focus on restructuring the economy and raising productivity by the Singapore government has meant a sharp focus on continuous learning,” Mercer Singapore career business leader Siddharth Mehta. “This means an increased focus by companies on creating differentiation through innovative health and other benefits.”
According to the study, APAC countries are poised to record the highest salary increases for 2019 as led by Bangladesh (10%), India (9.2%), and Vietnam (9.8%). Meanwhile, Australia (2.6%), New Zealand (2.5%), and Japan (2%) are expected to post the lowest salary growth.
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