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Close to half of Singapore employers plan salary increases of 3 to 6%: Hays
SOME 46 per cent of Singapore employers are planning salary increases of 3 to 6 per cent during the next pay review, said recruiter Hays on Tuesday. This proportion is similar to employers in Hong Kong and Malaysia. Meanwhile, 34 per cent of Singapore employers will look to give up to 3 per cent.
In the coming year, two thirds of employers in Singapore intend to give bonuses to all employees. One in four employers plans to award bonuses to only some employees.
Of the employers in Singapore paying bonuses, about two in five expect bonuses to be worth from 11 to 50 per cent of staff salary; about one in three, up to 10 per cent of staff salary; one in seven, from 51 to 99 per cent of staff salary. The remaining 13 per cent of employers in Singapore expect to pay bonuses worth 100 per cent of staff salary.
The report also noted that Singapore's accountancy and finance sector is facing a tougher year ahead. "We expect most hiring to be at junior to mid-level and confined to replacement hiring or for business critical hires only," Hays said. Hiring levels for product audit professionals should remain generally stable this year but could increase across internal audit functions, it said.
Investment banks will be hard hit this year along with private banks as the industry consolidates, though on-boarding and know-your-customer roles remain growth areas, Hays said.
Construction is a two-speed market, with public infrastructure expected to see increased demand for design engineers and resident technical officers. Fintech remains buoyant, the human resources field is strengthening, and higher numbers of start-ups in Singapore have created demand for office managers and executive assistants, Hays said.
Singapore also remains attractive for areas like life sciences and regional procurement. As for sales and marketing, the firm expects the significant demand for digital marketers, market analysts, social media specialists and consultative sales professionals in 2016 to continue.