5% salary increase for Singaporeans in 2014

salary increase singapore 2014A Macroeconomic Review published by The Monetary Authority of Singapore (MAS), states that Singaporeans can hope for a 5% increase in salary in 2014.

This is due to a rise in demand for local employees, coupled with measures to reduce foreign employment.

According to the MAS:

  • Firms have increasingly turned to resident workers to fill job vacancies.
  • Resident unemployment rate remained low, supporting wage growth of 4.5% year-on-year in H1 2013, considerably higher than the historical average of 3.3%.
  • Overall GDP growth for Singapore is projected at 2.5% to 3.5% in 2013 and is unlikely to be significantly different in 2014.
  • The labour market should remain at full employment.

Written by: Amit Puri - Managing Consultant, Sandbox Advisors

Amit is an experienced career, business and HR professional. Previously, he has worked with organisations such as Bain & Company, Morgan Stanley and Citigroup. Amit has advanced degrees/qualifications in Career Counselling, Organisational Psychology & HR, Occupational Psychometrics, Career/Life Coaching & Business.

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