Singapore firms to keep pay hikes for senior staff at under 5%

March 06, 2017 09:05
The hot jobs in Singapore are in the digital, technology and healthcare sectors. Photo: Bloomberg

A majority of Singapore-based companies plan to offer 5 percent pay hikes at the most for their managers and senior staff this year, according to a survey.

About 93 percent of firms in the city said they will keep or raise headcount this year, the survey by recruitment consultancy Michael Page showed, Bloomberg reports.

Only 36 percent said they will recruit new hires.

Singapore's unemployment rate recently hit a six-year high of 2.2 percent, though the city-state still remains one of the easiest places in the world to find work.

Across Asia, 48 percent of 3,400 firms surveyed said they plan to increase wages by 5 percent or less, compared with 58 percent of Singapore-based firms.

The hot jobs in Singapore are in the digital, technology and health care industries.

In the less buoyant financial services sector, financial technology jobs should be helped by a funding plan in place to support locally-based firms, Michael Page said.

The so-called gig economy is also becoming a bigger feature in Singapore.

Sixty-eight percent of all firms surveyed are using contractors, especially in technology and business support industries, according to the report.

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