Are you in the 71% of Singapore workers who got a salary increment this year?
Despite the inconsistent economic recovery and current uncertain outlook, the majority of employers in Singapore are still giving pay raises, according to the local findings of the Randstad 2022 Salary & Bonus Expectations Survey. 71% of Singapore respondents said they are getting an increment this year, and while most of them will see a rise of 1-6% - well within projected estimates, if not lower - a surprising 23% will get a raise of 10% or more, and 9% of workers will actually see an increment of more than 20%.
Figures: Randstad 2022 Salary & Bonus Expectations Survey
Image: People Matters
While the survey does not break down responses by industry, those getting increments on the higher end are likely to be in tech and healthcare, which are estimated to give the highest raises and also the largest bonuses due to the strong demand for services and a general shortage of talent, including increasing attrition in healthcare.
Bonuses are also quite widespread, with 50% of Singapore respondents saying they will get some kind of bonus this year, and most of these declaring themselves satisfied enough with the bonus to stay with their employer for the next six months. The majority (43%) expect to get between 1-3 months' bonus, with less than 1 month being the next most common (26%). A small minority of 5% also said they expect to get 13 months' bonus or more.
The survey also looked into how important bonuses are to people - and 41% would rather work remotely than have a bigger bonus, possibly because they feel that the time and money savings, as well as other benefits, outweigh the additional financial gain from the bonus.
Jaya Dass, Managing Director of Randstad Singapore and Malaysia, said: “After working from home for close to two years now, many employees have experienced the benefits of working remotely. They are able to save time and money from commuting, have more personal time and are sometimes more productive when working from home. It is hence critical for employers to adjust their work policies and benefits schemes to meet the changing expectations of their employees and candidates to improve their ability to attract and retain talent."
