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According to Willis Towers Watson’s 2017 Asia Pacific Salary Budget Planning Report, salary increases in Hong Kong and Singapore are both expected to average at 4.0%. However, once inflation is accounted, Singaporeans are expecting to see higher real wage increases of 2.4%, compared to 1.7% in Hong Kong.
In comparison to last year, Singapore’s inflation has increased from 1.3% (in 2017) to 1.6% (in 2018). As such, salary increase predictions in real terms for 2018 are lower (2.4%) than last year (2.7%).
Sector-wise, pharmaceutical and health sciences; as well as the media sector are expected to see salary budgets rise 4.3% and 4.1% – the highest of the industry sectors covered.
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Meanwhile, the banking sector and business support services sector in Singapore 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.
On a regional level, the pharmaceutical and health sciences sector and the high-tech sector are expected to see salary budgets rise 6.1% in 2018 – also the highest of the industry sectors covered. Similarly, those in the leisure and hospitality sector across the region will see the lowest increases at around 3.9% across the markets covered for this particular industry.
Photo / 123RF