[Singapore] Salaries projected to rise by 4.1% in 2025

A new survey has revealed that salaries across Singapore are projected to increase by 4.1 per cent in 2025, with industries such as real estate, consumer goods, retail, and banking and financial services topping the pay charts, HRM Asia reports.

In addition, Mercer’s latest Total Remuneration Survey (TRS) showed that 17.5 per cent of organisations intend to grow their headcount next year, an indication that they are cautiously optimistic in spite of global economic challenges.

The findings came from over 1,100 organisations across sectors such as technology, life sciences, manufacturing, and education. They offer an in-depth look at Singapore’s employment landscape. 

According to Mercer's findings, sectors such as real estate and banking are reportedly expected to see salary increases of up to 4.5 per cent, while industries such as aerospace, construction and energy anticipate more moderate growth of 3.9 per cent to 4.2 per cent. However, healthcare and education appeared likely to align with market averages, with increments of 3.6 per cent to 4 per cent.

The survey results suggest that organisations are adopting a strategic approach to salary increments. Employers are budgeting for an average 4 per cent increase and focusing on rewarding top performers and employees who contribute significant value to organisational goals.

Andrea Tan - Mercer Singapore’s Rewards Leader - said, “Boards and senior management will adopt a more cautious approach to salary increment budgets during the upcoming annual review cycle, aiming to proactively address potential challenges in the business environment.”

“We anticipate that employers will take a more strategic approach in allocating and distributing increment budgets, focusing on rewarding employees based on performance and value contribution.”

The survey also reportedly found an increasing demand for roles requiring skills in business continuity planning, alliance partnerships, strategic planning, digitalisation, and sales enablement - areas critical for organisations working to remain agile and resilient as the economic climate evolves.

“We expect these skills to be key for organisations navigating through uncertain times, where businesses are compelled to do more with less,” Ms Tan said.

Source: HRM Asia

(Quotes via original reporting)

A new survey has revealed that salaries across Singapore are projected to increase by 4.1 per cent in 2025, with industries such as real estate, consumer goods, retail, and banking and financial services topping the pay charts, HRM Asia reports.

In addition, Mercer’s latest Total Remuneration Survey (TRS) showed that 17.5 per cent of organisations intend to grow their headcount next year, an indication that they are cautiously optimistic in spite of global economic challenges.

The findings came from over 1,100 organisations across sectors such as technology, life sciences, manufacturing, and education. They offer an in-depth look at Singapore’s employment landscape. 

According to Mercer's findings, sectors such as real estate and banking are reportedly expected to see salary increases of up to 4.5 per cent, while industries such as aerospace, construction and energy anticipate more moderate growth of 3.9 per cent to 4.2 per cent. However, healthcare and education appeared likely to align with market averages, with increments of 3.6 per cent to 4 per cent.

The survey results suggest that organisations are adopting a strategic approach to salary increments. Employers are budgeting for an average 4 per cent increase and focusing on rewarding top performers and employees who contribute significant value to organisational goals.

Andrea Tan - Mercer Singapore’s Rewards Leader - said, “Boards and senior management will adopt a more cautious approach to salary increment budgets during the upcoming annual review cycle, aiming to proactively address potential challenges in the business environment.”

“We anticipate that employers will take a more strategic approach in allocating and distributing increment budgets, focusing on rewarding employees based on performance and value contribution.”

The survey also reportedly found an increasing demand for roles requiring skills in business continuity planning, alliance partnerships, strategic planning, digitalisation, and sales enablement - areas critical for organisations working to remain agile and resilient as the economic climate evolves.

“We expect these skills to be key for organisations navigating through uncertain times, where businesses are compelled to do more with less,” Ms Tan said.

Source: HRM Asia

(Quotes via original reporting)