Almost every worker polled expects pay rise
The Business Times
VIRTUALLY every worker in Singapore is looking to a pay increase next year, even though some are unsure about the job market's strength, according to the latest survey by recruitment firm Berkley Group.
With 99 per cent of the 737 employees polled in Singapore expecting a raise of some sort, the Singapore-based company says the number is one of the highest recorded in its survey.
It is up 29 per cent from Berkley's last survey in March and up 37 per cent from the survey a year ago.
"This figure is indicative of an increasing number of organisations rethinking retention programmes in this area, as well as employees being given more responsibility," the report noted.
"This growth in pay is also reflective of the rising cost of living in the region."
The results of the latest survey, which is into its ninth year, come a week after the Monetary Authority of Singapore warned that the labour market here will tighten and wage growth will be strong.
The central bank projected pay to rise more than the historical average of 3.3 per cent per annum this year and next. Inflation is tipped to increase 2.5 to 3 per cent this year.
Berkley's report also notes that the increase in salary expectations cuts across nearly all the major industries and is in line with similar sentiments in most countries. Nine in 10 of the global respondents to the survey are expecting a pay rise next year, up 47 per cent a year ago for 2013.
Only workers in the information-technology sector see a pay cut.
Surprisingly, 42 per cent of the employees polled in Singapore, up 6 per cent from the previous survey, feel the job market is weak. It is also higher than the global average of 36 per cent.
The report says this is perhaps indicative "of uncertainty as a result of recent employment-legislation changes".