Singaporeans should expect ‘lower’ salary increase next year
Posted by temasektimes on June 7, 2012
Singaporeans should expect lower salary increases and bonus payouts next year, according to a survey by global HR consultancy firm Hay Group.
Average wage is expected to go up by 4.5 per cent in 2013, down from 5.2 per cent this year while average variable bonus, which is 2.5 months this year, is expected to go down to 2.3 months next year.
451 companies based in Singapore were polled in March for the survey.
Speaking to queries from the media, a spokesperson from Hay Group said:
“When making recommendations on salary increments, organisations take into account factors such as the uncertainty in the eurozone, Singapore’s rising inflation index, tight labour market and restrictions imposed on foreign worker recruitment.”