A 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.