Workers in SG likely to see pay hike of above 20% in 2023: report
Pre-COVID salary increases averaged 10% for corporations.
Employees in Singapore can expect higher salary increments in 2023, a report from Links International showed.
According to the report, pay hikes in 2023 could go as far as 20% plus as companies “gear up to retain as well as attract the best talent in a recession.”
“They will be more willing to offer a more appealing remuneration,” the report added.
To further strengthen its local talent hiring, Singapore also tightened requirements for its work passes, including the Employment Pass (EP).
Links International said the move will ensure better pay for foreign talents and help decrease local unemployment rates.
Based on the report, Singapore’s long-term unemployment rate for professionals, managers, executives, and technicians (PMETs) and non-PMETs dropped to 0.5% YoY and 0.7% YoY in 2022, respectively.