Expect smaller pay hikes this year and next

Expect smaller pay hikes this year and next

SINGAPORE - Singapore workers can expect an average of 4.7 per cent pay rise this year, 0.5 per cent less than last year's 5.2 per cent salary increment. Those working in the life sciences and pharmaceuticals and services sectors can expect fatter salary increases (5.7 per cent), as also those in the utilities sector (5.3 per cent) and the oil and gas sector (5.1 per cent).

These figures come from global management consulting firm Hay Group's polling of 193 Singapore-based companies on their business sentiments and salary and bonus projections for the next 12 months; the firms, surveyed in March, were a mix of local and foreign-owned companies from both private and public sectors.

In its report titled Building The Capabilities Of The Next Generation Workforce, Hay made a less optimistic prediction for next year, when the average pay rise is forecast at 4.4 per cent. The consultancy surveyed 193 Singapore-based companies in March and concluded that employees should anticipate only "prudent" pay rises.

Variable bonuses are expected to remain at 2.3 months for next year, the same level as this year's.

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