Employees in Singapore seek higher pay despite fears over job security
While employees in Singapore are worried about losing their jobs in the face of economic uncertainty, most are not willing to accept a new job offer if it did not offer a significant pay increment.
According to the 2023 Randstad Singapore Workmonitor survey, which was conducted in October 2022 with a total of 1,000 respondents in Singapore aged between 18 and 67 years old, 48% of respondents said that they are worried about losing their jobs, with 64% stating that they were worried about how economic uncertainty would affect their job security.
However, 64% of the respondents say that they will not accept a new job offer if it did not offer a significant pay increment. In response to rising cost of living, one third of respondents have also quit their jobs due to low wages and 29 per cent said that they are thinking about resigning so that they can find a better paying job to help with the rising cost of living.
The good news for employers? Despite the uncertainty employees face, 80% of respondents say they retain strong confidence in their employers to provide job security.
READ: How employees can stay competitive in Singapore’s job market
Jaya Dass, Managing Director of Permanent Recruitment at Randstad Asia Pacific, said, “Despite the recent restructuring and mergers, Singapore’s reputation as a secure and open market boosts confidence among Singaporeans. Business transformation will continue, but employers in Singapore remain committed to the employment of their people in this talent-led market.”
Employees are also prepared to work longer, with one in three respondents planning to delay their retirement beyond Singapore’s statutory minimum retirement age of 63 years old.