2014 Singapore local wage trend
The Straits Times reported 2014 salary and bonus trend based on survey results, which were conducted by human resource consulting firm Hay Group and The National Trades Union Congress (SNEF).
Here are the key points:
- Most will expect to receive bonuses of between 1.5 and 2.4 months' pay on top of their annual wage supplement - known as the 13th-month payment
- 531 Singapore-based firms plan to give their staff an average variable bonus of 2.4 months' pay, excluding the 13th-month payment. (End of 2013, Hay Group)
- 310 members of SNEF answer to give a median bonus of 1.5 months' pay, excluding the 13th-month payment. (Nov 2013, SNEF)
- The oil and gas and financial services sectors are likely to be the most generous. (Hay Group)
- Employees can expect modest pay hikes of 4.1 per cent to 4.8 per cent this year.
- "It is not that SMEs don't want to pay workers well, but they are squeezed by rising rents and higher levies". (Mr Kurt Wee, the president of the Association of Small and Medium Enterprises)