According to survey, Singapore salaries will grow slower in 2015, but hiring outlook mixed

By in

Six out of ten employees in Singapore will see their salaries stay put or increase by no more than 3% in 2015, according to a new survey which was released last week.
Six out of ten employees in Singapore will see their salaries stay put or increase by no more than 3% in 2015, according to a new survey which was released last week.

While 21% of firms polled said that payrolls would stay unchanged over the next six months, and 39% intend to raise salaries from between zero to 3%, local human resources firm Achieve Group found in its survey on hiring trends. 32% of Singaporean firms plan to increase wages in the range of 3% to 5% while only 8% of firms intend to give their staff a salary raise of more than 5% over the next six months.

The survey questioned around 500 Singapore-based companies across nine sectors from late November to early December last year. The hiring outlook for 2015 comes with mixed reviews; whereas 49% of firms polled said they will freeze hiring, 45% said they would be recruiting more staff in the next six months. The remaining 6% of firms asked stated that they plan on reducing their headcounts.

Achieve’s Chief Executive Joshua Yim states: ‘the top industries that will be hiring are healthcare and pharmaceuticals, shipping, logistics, and oil and gas, all of which featured amongst the top in our survey for the same period last year.’ He did note however that oil prices have plummeted since the time of the survey, and if the downtrend persists, hiring activity in the oil and gas sector will come in lower than predicted by many companies in this industry.