Singapore salaries to rise 2.7% next year

The figure excludes the expected rate of inflation.

Singapore employees can expect a 2.7 percent ‘real’ wage increase next year – down slightly from this year’s 2.9 percent.

This ‘real’ figure excludes inflation, which is expected to be 1.3 percent next year.

The figure comes from a recent Salary Trends survey by ECA International, which looked into the salary situation across twenty countries in the Asia-Pacific.

ECA International revealed that India will see highest real wage increase in the region for second year running, with a predicted real rate of increase of 4.9 percent. At the other end of the table, those in Australia will see the lowest increase in real terms, at 0.8%.

In nearby Hong Kong, workers will see a 1.8% ‘real’ increase in their pay.

Elsewhere in the world, salary increases discounting inflation are expected to be similarly low. For instance, ECA International estimates that real wage growth in Germany and France is expected to be 1.2 percent and 0.9 percent.

 “Over the past few years inflation in Singapore has increased while nominal salary increases have stayed flat, which has had the effect of slowly eroding pay rises in real terms. Despite this, the salary increases for 2017 and 2018 are higher than in Hong Kong and compare favourably with other developed economies in the region and globally. This reflects the fact that the Singapore economy continues to perform well on the back of global economic recovery,” said Lee Quane, Regional Director - Asia at ECA International.

 

Click here for more HRM News
German union secures 28-hour work week
Kelvin Ong - 19 Feb 2018
This is down from the previous minimum weekly requirement of 35 working hours.
Clear career progression top motivator of Asia's job hunters
HRM Asia - 16 Feb 2018
Most respondents in a new web poll say an identifiable career path is more important to them than salary and benefits.
People moves at PropertyGuru, AppNexus, and more
HRM Asia - 15 Feb 2018
Here are this week's latest HR appointments from across the region.
Five leadership principles to inspire your employees
HRM Asia - 14 Feb 2018
Look no further than your own hand to lead and inspire others to follow suit.
New digital hub to support small and medium businesses
HRM Asia - 14 Feb 2018
Cloud transformation in this region will receive a boost with the launch of the new centre in Singapore.
DBS teams up with Singapore university to launch new course
Kelvin Ong - 13 Feb 2018
The bank is partnering with Nanyang Technological University to launch a new wealth management programme.