Singapore's workforce faced with conservative salary increments; less likely to enjoy bonuses in 2019: Hays

Singapore's workforce faced with conservative salary increments; less likely to enjoy bonuses in 2019: Hays

Michelle Zhu
05/03/19, 03:15 pm

SINGAPORE (Mar 5): Companies in Singapore are predicting conservative salary increases in the year ahead after a stagnant 2018, finds a recent research report by recruitment specialist Hays.

Based on the findings of the Hays Asia Salary Guide 2019, 17% or almost one in five employees surveyed said they experienced no increase in their salaries over 2018 – higher than the city state’s historical norms – while employers reported conservative increments averaging at up to just 3%.

In a press release last Friday, Hays highlights salaries as the primary consideration for employees in Singapore, with only 4% claiming to be ‘very satisfied’ with their current pay levels.

Notably, three in five (60%) of professionals cited compensation packages as the key reason for seeking out new roles, with the same factor being the second-most common reason for staying with a current employer.

Despite this, the report indicated a declining percentage of guaranteed bonuses to 63% for 2019 from 17% in 2018, with slightly more employers tying them to factors individual, company and team performance.

14% of companies in Singapore are expecting to pay out no bonuses at all.

Elsewhere, organisations in Malaysia (48%), Hong Kong (45%) and Mainland China (44%) are expecting salaries to increase by 3-6%.

Companies in Japan (58%) are found to be the most likely to award their employees bonuses of at least 50% of their salaries in 2019.

“With positive sentiments surrounding the growth of the economy, business activity and hiring levels, employees [in Singapore] may begin to wonder why this improvement is not being passed on to them in terms of compensation packages, perhaps leading them to rival organisations that could meet their salary expectations,” says Grant Torrents, regional director at Hays Singapore.

See: Singapore among few Asian countries forecast to enjoy real wage growth this year

Jokowi declared winner a month after Indonesia presidential vote

(May 21): Indonesian President Joko Widodo won last month’s bitterly contested election by a double-digit margin, official results showed Tuesday, putting the former furniture exporter in charge of the world’s largest Muslim-majority nation for another five years. Widodo, known as Jokowi, won 55.5% of the national vote, compared to his challenger Prabowo Subianto’s 44.5%, the General Elections Commission said in Jakarta early on Tuesday. Jokowi’s margin of victory at 11% was almost double the lead he secured in 2014 against the same opponent, commission’s data showed. The tally al....

Sembcorp Industries' near-term outlook hinges on sustained India uptrend, say analysts

SINGAPORE (May 21): CGS-CIMB Research and DBS Vickers Securities are maintaining their “add” and “buy” calls on Sembcorp Industries (SCI) with target prices of $3.41 and $3.90, respectively. This comes after the group last week posted 21% higher 1Q earnings of $77 million on higher contributions from its energy segment, which was mainly driven by improved performance from India and the recognition of peak winter availability payments for UK Power Reserve. In a May 15 report, CGS-CIMB analyst Lim Siew Khee says she considers SCI cheap at $2.54, which is 0.6 times FY19 price-to-boo....

China warns about 'unwavering resolve' to fight 'US bullying'

BRUSSELS (May 21): China could retaliate against the US after President Donald Trump blacklisted Huawei Technologies Co., the Chinese ambassador to the European Union said. Trump upped the ante in his trade dispute with China last week, announcing moves to curb Huawei’s business that are starting to have ramifications for other companies around the world. "This is wrong behavior, so there will be a necessary response," Zhang Ming, China’s envoy to the EU, said in an interview in Brussels on Monday. "Chinese companies’ legitimate rights and interests are being undermined, so the Chi....