Salary Situation In Singapore
Singapore’s pay hikes is one of the lowest in the regions. So if you’re an employee, don’t expect a pay raise this year. In fact be contented if you still have a job. According to reports (see picture below), Singapore is ranked below countries like Malaysia, India, China, Hong Kong, etc in terms of mean salary increase in 209.
In another report labour chief Lim Swee Say said that Singapore should be prepared for more tough times ahead, as the economy has not bottomed out yet. The retrenchments that happened earlier this year is expected to happen again, and probably over a few occurrences over the following months.
For the first quarter of this year, analysts expect retrenchments likely to exceed 10,000. Actual data is set to be released end of this weak. If estimates are correct, then the figure would be the worst ever, surpassing the quarterly peak of 8,590 in the last quarter of 2001 after the dot.com bust and the Sept 11 terrorist attacks on the United States.
Having said that, would you want to work in Singapore? Or rather find opportunities elsewhere?
May 1st, 2009 at 4:17 pm
To be honest, I am still searching for a job in SG. Contacted a couple head=hunters in my field and they yet to get back to me. General consent is that times are hard now so chances are pretty low.
However, the reason I want to work in Singapore is not for the money. Its due to family and my partner.