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Wage Alert: Singapore salaries on the rise again

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More than half of bosses raised their employees’ salaries last year, and the trend is expected to continue into 2013.

This year, 52% of local employers intend to raise salaries by between 3% and 6%, unchanged from figures reported in 2012. Another 11% of bosses will give raises of more than 6%, while 4% said they are looking at increments of more than 10%, a report by Hays revealed.

“The fact that salaries in Singapore continue to rise shows the country is weathering the economic storm which has affected other parts of the world,” Chris Mead, regional director of Hays Singapore and Malaysia, said.

Within the HR sector, the report indicated demand for junior to mid-level roles will remain constant, but salaries are expected to plateau this year.

Industries showing high demand for talent include IT, engineering and construction, finance technology, as well as sales and marketing.

In order to cope with the changing employment landscape, 52% of employers also said they have been hiring contract or temporary workers, while a quarter said they have tapped into this pool of talent on an ongoing basis.

Regionally, 72% of 1,200 employers in Asia believe the economy will stabilise this year, with two thirds confident their business activities will increase in 2013.

“This is expected to put greater pressure on, not only sourcing the right skills to manage increased business but also potentially the package on offer to prospective employees,” Mead said.

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