SINGAPORE - Close to half of Singaporean employers plan to award their staff salary increases of between 3 and 6 per cent during their next salary review, recruitment firm Hays said in a report on Tuesday (March 21).
The annual Hays Asia Salary Guide draws on research from more than 3,000 employers representing six million employees across the region.
This year, 46 per cent of those polled in Singapore said they plan to grant salary increments of 3 to 6 per cent.
This is slightly lower than the 52 per cent of employers in Singapore who said they awarded increases of between 3 and 6 per cent during their last salary review period.
"Singapore is a resourceful nation, but the economic outlook for 2017 is challenging so it's not surprising to see employers taking a moderate approach to salaries," said Hays Singapore managing director Lynne Roeder.
The survey also found that 8 per cent of employers in Singapore expect to award increases of 6 to 10 per cent, while 3 per cent plan to award increments of over 10 per cent.
About a third, or 34 per cent, plan to grant up to 3 per cent increments and 9 per cent said they do not plan to give out any salary increases.
The research also found that Singaporean employees have ambitions salary expectations, with 20 per cent of respondents expecting to receive an increase of 6 to 10 per cent during their next review.
Another 14 per cent said they expect to receive a salary increase of more than 10 per cent.
With only 3 per cent of employers intending to award more than ten per cent, respondents would be advised to readjust their salary expectations, Ms Roeder said.
"Respondents in Singapore wanting a salary increase above what employers are planning to award are advised to do their homework and know why their performance merits a larger increase."
"Candidates also need to keep up with economic news as well as keeping abreast of market conditions to ensure their expectations are managed accordingly."
Still, 13 per cent of employees in Singapore are not expecting a pay rise at all, while 29 per cent are expecting an increase of between 3 and 6 per cent and 25 per cent up to 3 per cent.