Singapore employers are said to be planning a 4.5 per cent wage increase this year. (Getty Images)
Employers in Singapore are planning to raise salaries by an average of 4.5 per cent this year to help employees keep up with inflation, according to a survey.
Conducted by human resource consultancy firm Towers Watson, the survey showed that firms in Singapore’s financial services sector plan the highest wage hike of 5.1 per cent.
The pharmaceutical sector and automotive industry followed closely with expected increases of 5 per cent and 4.9 per cent, respectively.
The survey, conducted online between February and March this year and which covered 18 countries in Asia Pacific, also showed that the salary increase in Singapore would be one of the lowest in the region.
On the high side, employers from Vietnam are budgeting to raise wages by 12.2 per cent, while Indian bosses are looking at an 11.5 per cent increase.
Firms in Japan are planning the lowest rise at 2.6 per cent.
Tower Watson’s Global Data Services Practice Leader for Asia Pacific, Rachelle Archebal explained that with the rising cost of living, “[employees] naturally look to receive higher pay from current employers or look for alternative jobs which could offer higher compensation."
However, she advised that although it may be important to keep wages competitive and retain talent, it is also important that compensation levels do not increase to unsustainable levels.
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