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Singaporeans can expect wages to rise 2.4% in 2018
But the expected rate is one of the lowest in Asia and is smaller than last year's 2.7%.
Singaporeans are expecting to see higher real wage increases of 2.4% in 2018, Willis Towers Watson revealed.
According to its salary budget planning report, Singapore’s inflation has increased from 1.3% last year to 1.6% this year. As such, the salary increase prediction in real terms for 2018 is lower than last year's 2.7%.
On average, industries across Singapore are expected to see salary budgets rise 4.0%.
The pharmaceutical and health sciences sector and media sector are expected to see salary budgets rise 4.3% and 4.1%, the highest of the industry sectors covered.
Those in the banking sector and business support services sector will see the lowest salary increase at around 3.0%, followed by the leisure and hospitality sector which is expected to see increases of around 3.5%, compared to the 4.0% industry average.
Singapore is amongst the countries that could see the lowest wage increases next year, albeit its rate is still higher compared to 1.7% in Hong Kong. Japan is expecting wages to rise by 2.3% on average.
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