SINGAPORE - Fresh graduates hitting the job market here this year can expect to earn 2 per cent more than those who started on their first job a year ago - a rise which has kept pace with the year-on-year inflation rate of 1.6 per cent.
Global management consultancy Hay Group, which surveyed 130 organisations on their hiring practices in May, found that those who have just graduated with a diploma can expect an average monthly salary of $1,841, $33 more than last year's crop of graduates.
Those with newly-minted bachelor's degrees (without honours) can look forward to $26 more, from $2,688 last year to $2,714 this year.
Graduates with qualifications in specialist sectors can earn much more.
Employers have signalled a willingness to pay top dollar for job applicants with diplomas and degrees in engineering and project management, which have emerged as the two highest-paying fields.
An engineering diploma can command a starting pay that is 4.6 per cent higher than the diploma average; a degree-holder in the same field has a 6.3 per cent salary advantage over her peers.
Why the difference between the starting pay for diploma and degree-holders?
Hay Group regional manager Victor Chan said that from the survey, it was clear that employers will pay a premium for honours graduates.
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