SINGAPORE - With the Singapore economy slowing down, fewer companies here are expected to hire staff this year and real wages are likely to drop marginally.
These were some of the findings from a survey conducted in September by the Singapore Human Resources Institute (SHRI) and involving 141 companies. The results were released yesterday.
The survey found that 56 per cent of companies plan to hire staff, lower than the 78 per cent of companies which hired, or had planned to hire, employees last year.
"If you look at the sentiments reflected in the survey, companies are more cautious and will fill a position only if they have a need for it," said Mr Erman Tan, vice-president of SHRI's executive council.
The findings match those of a survey conducted in August by global human-resource firm Mercer that involved 700 Singapore- based companies.
In Mercer's Total Remuneration Survey 2012, five in 10 companies said they planned to increase headcount this year, compared to about six in 10 last year.
SHRI's survey also found that real wages, which take into consideration inflation, are likely to drop between 0.9 per cent and 1.9 per cent this year. However, the expected decline in real wages this year will be less steep than that of last year, when they dropped 3.4 per cent.
Wage increases this year are expected to remain the same as last year's, at 4 per cent. The financial sector is projected to see the highest wage increase of 4.9-5.3 per cent, while the logistics sector will experience the lowest, at 2.6 per cent.