SG employees to see 3.5% salary increase in 2022
Meanwhile, real salary increase rates across the APAC region are forecast to be 1.9%.
Workers in Singapore will see a higher increase in their salaries in 2022, with expected average salary increases of 3.5%, according to ECA International's Salary Trends Report.
After factoring in inflation, set to remain around the same levels as this year at 1.5%, employees in Singapore will see a real salary increase of 2.0% on average, up from 1.2% this year.
"We are forecasting that just 6.0% of companies based in Singapore will implement a pay freeze in 2022, significantly down from the 22.0% that put in a pay freeze this year. This all points to a much-improved outlook for workers in Singapore as the economy gradually recovers from COVID-related restrictions and uncertainty," added Asia regional director Lee Quane.
As in previous years, the Asia Pacific region is expected to lead with salary increases for workers again. The predicted average real increase is 1.9%, higher than any other region, with the global real salary increase forecasted to be just 0.9% on average.