Singapore's median base salary to grow in 2017: study

After factoring in disinflation, the median base salary in Singapore is expected to rise 4.7 percent in 2017, as per a report by Korn Ferry Hay Group.

This would be ahead of Asia's real wage growth of 4.3 per cent next year.

The report states that most companies are expecting only modest growth. The higher-wage projection comes even as Singapore's economy is projected to be slow-moving in 2017.

"Despite the negative outlook for next year, our recent market reward survey of over 400 companies reveals that more than three quarters of employers in Singapore are still likely to implement salary increment to their employees," claims study said.

Stephen Choo, Senior Client Partner and Country Head of Global Productised Services at Korn Ferry Hay Group Singapore. Photo courtesy: LinkedIn profile of Stephen Choo

Stephen Choo, Senior Client Partner and Country Head of Global Productised Services at Korn Ferry Hay Group Singapore, said, "Singapore is still dealing with the tightening of foreign-labour policies and a lack of expertise at junior to middle levels."

Stephen works closely with senior executives of leading organisations throughout the region in developing highly effective employee engagement strategies to achieving high organisational performance. Stephen's expertise lies in the design, analysis, and implementation of strategic diagnostic survey instruments to assist organisations in achieving a high performing culture. They include employee engagement surveys, organisational culture mapping, customer satisfaction assessment, change management evaluation, and talent attraction and retention industry study.

Korn Ferry Hay Group is a management consulting, helping leaders, organizations, and societies succeed by releasing the full power and potential of people. Around 7,000 colleagues deliver services through their executive search, Hay Group and Futurestep divisions.

Author
Garima Kapil
Garima Kapil – Senior Writer

Garima Kapil has around five years of experience in the field of writing and editing. Specialised in writing, performing proof-reading and text editing functions along with content ideation; she has worked with leading e-commerce and as a freelancer. She writes on lifestyle, news, telecom, travel, education, healthcare, immigration, along with other subjects required as a full-time writer and freelancer. 

Comments