More employees in Singapore received higher wage increments in 2017 than 2016, according to the Ministry of Manpower’s report released today (30 May).
Overall, about three in five employers (65%) raised staff salaries in 2017 – 58% did the same in 2016. Also, fewer companies cut wages in 2017 – 12% of companies in 2017, versus 17% in 2016.
Companies that had made more profit through the year rewarded their staff with especially higher wages. They were mostly in the infocomm, as well as wholesale & retail trade sectors.
The report also outlined a trend of workers joining those industries due to the attraction of potentially higher salaries.
Generally, most industries saw similar or higher wages in 2017, including in professional services, accommodation & food services, finance & insurance and manufacturing.
Sectors like transportation & storage, administration & support and real estate did not see pay increases however.
The number of employees who received wage increases rose from 75% in 2016 to 78% in 2017. Only 10% of employees received wage cuts in 2017, a slight decreas from 13% in 2016.
The average pay increase was higher in 2017 (5.1%) compared to 2016 (4.9%). Wage cuts were also much lower in 2017, with staff losing an average 3.9% of their pay packages, as compared to the 5% experience by workers in 2016.