SINGAPORE — The majority of employers here look set to offer staff pay raises in the year ahead despite a lack of optimism about economic prospects, based on the results of a business survey out on Tuesday .
Another 32 per cent of firms said they plan to freeze pay in the next 12 months, while just one per cent are looking to implement pay cuts. On the whole, 61 per cent of respondents had both increased salaries in the last 12 months and also will continue to increase salaries for the next 12 months. "For example, although last year's wage increase was 6.5 per cent as measured by the Ministry of Manpower, which is close to what was reported by firms in the survey, real wages only increased by 0.4 per cent due to high inflation.""So, the projected wage growth does seem to be ahead of inflation - which is moderating — but it may in a sense just be catching up, given that real wages hardly increased last year," added Prof Theseira.
While 28 per cent of companies think that the economic climate is set to improve in the coming year, more businesses, 35 per cent, expect it to worsen.
Source: News Formal (newsformal.com)
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