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Singapore's 2017 median wage to rise 4.7%: study
THE median base salary in Singapore is expected to rise 4.7 per cent in 2017, after factoring in disinflation, higher than the 3.7 per cent increase in 2016, a report by Korn Ferry Hay Group on Friday showed.
This would be ahead of Asia's real wage growth of 4.3 per cent next year.
The higher-wage projection comes even as Singapore's economy is projected to be sluggish in 2017, with most companies expecting only modest growth, the study said, noting that Singapore still has a talent retention challenge.
"Despite the negative outlook for next year, our recent market reward survey of over 400 companies reveals that more than three quarters of employers in Singapore are still likely to implement salary increment to their employees," the study said.
Singapore is still dealing with the tightening of foreign-labour policies and a a lack of expertise at junior to middle levels, said Stephen Choo, senior client partner and country head of global productised services at Korn Ferry Hay Group Singapore.