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Average salary increase of 4.5% in Singapore seen for 2015
EMPLOYEES in Singapore can expect their salaries to increase by an average of 4.5 per cent again in 2015, according to the latest Salary Trends survey by ECA International.
With inflation predicted to be higher next year, staff in Singapore will experience lower real wage uplifts than they have in 2014.
"Although pay rises in Singapore are forecast to be at the same level next year, inflation is anticipated to be significantly higher," said Lee Quane, regional director - Asia, ECA International. "After inflation, real wage increases will average 2 per cent in Singapore next year - down from last year's 3.1 per cent rise in real terms."
On average, salaries in the region are expected to increase by 7.2 per cent in 2015. At 4.5 per cent, the increase in Singapore will be the third lowest pay rise in the region after Taiwan and Japan.
Factoring in inflation, real wage rises in Asia will average 2.7 per cent - higher than the other regions surveyed.
Globally, wages will rise 5.8 per cent on average in 2015, slightly up on this year's 5.6 per cent average.
ECA collected its information from 340 multinational companies across 66 countries and regions. More than 140 companies provided data on their Singapore-based staff.