Salaries in Singapore to rise by 4.4% this year, says Towers Watson survey

Office workers at Raffles Place on Feb 18, 2015. Employees in Singapore could see their salaries grow by 4.4 per cent this year, on the back of low inflation, according to a survey released on Tuesday. -- ST PHOTO: DANIEL NEO
Office workers at Raffles Place on Feb 18, 2015. Employees in Singapore could see their salaries grow by 4.4 per cent this year, on the back of low inflation, according to a survey released on Tuesday. -- ST PHOTO: DANIEL NEO

SINGAPORE - Employees here could see their salaries grow by 4.4 per cent this year, on the back of low inflation, according to a survey released on Tuesday.

This is slightly more than the 4.3 per cent last year.

The survey, compiled by global professional services firm Towers Watson in February, comprised 2,000 responses from companies across 19 countries in Asia-Pacific.

"The Singapore Government has been sticking to a tight monetary policy to keep the lid on inflation," noted Mr Sambhav Rakyan, data services practice leader for Asia-Pacific at Towers Watson, in a statement.

"Its policy to stabilise property prices has also helped curb inflationary pressures."

The survey also showed that Singapore's pay increase will be in line with that across the Asia-Pacific region, which is forecast at 4.3 per cent this year, compared with the 3.3 per cent last year.

"This is good news for employees, who are finally seeing the results of the post-financial crisis pick-up in economic growth and in receiving more cash in hand," said Mr Rakyan.

In East Asia, China is expected to see the highest increase, at 7.4 per cent, while Hong Kong will see the smallest, at only 1.3 per cent.