Singapore employees could expect a salary increase of between 2% and 5% next year, according to recent salary surveys by human resources firms.
“Companies are opting for targeted salary increases to navigate uncertain times,” The Straits Times quoted Cheng Wan Hua, director of talent analytics for South-east Asia at professional services firm Aon, as saying.
The average pay rise in Singapore is expected to be at 4.4% next year, lagging behind Vietnam, Indonesia and Thailand, it said.
People walk past financial buildings in Singapore in June 2023. Photo by AFP |
Salary increase budgets in Southeast Asia are expected to “inch up marginally” in 2025 compared with 2024, highlighting the demand for talent, it added.
Aon surveyed more than 950 companies in Singapore and five other Southeast Asian countries.
Consultancy firm Mercer expects Singapore companies to hike salary by around 4%.
Its survey of 1,100 companies in Singapore points out that the healthcare and education sectors are projected to remain aligned with the market, with salary increases of between 3.6% and 4%.
Global talent firm Robert Walters expect a 2-5% raise to align with inflation.
The forecasts came as Singapore’s economic growth is expected to slow from 3.5% last year to 1-3% in 2025, according to a government estimate.
Some sectors, however, will likely see substantial pay rise.
Juairi Jaafar, general manager of online jobs platform Jobstreet Express Singapore, noted that sales promoters and general workers – including warehouse packers and office administrators – will continue to be integral across industries in 2025 and should thus command strong salary increments, according to The Straits Times.
He added that sales promoters enjoyed the larges median salary increase of 32% in the first three quarters of 2024, with general workers following closely behind at 30%.
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