Singapore's situation is in line with that of many countries across Asia Pacific for companies to be more cautious about raising employees' salaries. --PHOTO: BT
MORE companies in Singapore are freezing salaries or raising them marginally this year, according to a recent poll by global consulting firm Watson Wyatt.
The survey, which polled more than 1,600 organisations in 11 countries, showed that Singapore's situation is in line with that of many countries across Asia Pacific, as the economic downturn cause companies - both big and small - to be more cautious about raising employees' salaries.
In Singapore, where around 85 companies were polled, pay rises are down by more than half what they were nine months ago.
The findings show that the budget for salary increases has been slashed by firms here from 5.3 per cent in July last year to 2.1 per cent in March this year.
By comparison, the budget for salary increases for companies in Hong Kong shrank from 5 per cent to 1.9 per cent.
Significant reductions were also seen in China (9.8 per cent to 5 per cent), Indonesia (12.8 per cent to 8.6 per cent) and the Philippines (9.5 per cent to 5.4 per cent).
Read the full story in Friday's edition of The Straits Times.
