2024 Salary Increase Projections Singapore. This ratio indicates that the labour market remained tight, although the ratio has decreased consistently since its high of 2.54 in june 2022. By priscilla lee on jan 17, 2024.
According to a survey by singapore business federation’s (sbf) on manpower and wages, 64 per cent of the 282 businesses surveyed have planned an average salary increment of six per cent. Such slight sentiments of positivity could be the reason why the singapore business federation’s (sbf) survey on manpower and wages, conducted in july 2023, showed most singapore employers are still planning to offer workers salary rises in 2024.
Nominal And Real Wage Growth.
Only one per cent are considering pay cuts, with the rest (32 per cent) planning to keep salaries stagnant.
Employees In Singapore Are Anticipated To Receive A Salary Increase Of 4% In Nominal Terms In 2024, Mirroring The Rate In 2023, According To Eca International, An Organisation Providing Information, Software, And Expertise For Organisations Across The World.
According to global professional services firm aon plc, the median salary in singapore will rise by 4.0%, the same level of increase in 2023.
While Salaries In Singapore And Malaysia Are Expected To Stay Flat At 4.0 Percent And 5.0 Percent Respectively, The Survey Found The Median Salary Is Expected To Increase 6.5 Percent For Indonesia, 5.5 Percent For Philippines, 4.9 Percent For Thailand And 8.0 Percent For Vietnam In 2024.
According to recent forecasts from talent firms, workers can expect salary increments of around 4 per cent in 2024.
This Report Was Released At The End Of June 2024, And Here Are 6 Salary Growth Trends In Singapore That We Learned From Reading The Report.
On the back of slower economic growth, 1.1% in 2023 compared to 3.8% in 2022, more establishments reported that they were less.