4% pay rise next year?
Singapore latest survey results
Job cuts announcements have been heard in the news all through this year.
Despite the current economic slowdown, the recent surveys revealed that the pay would keep rising next year.
The survey done by compensation experts Mercer-HRBS showed no indication of impending cut in salaries; and only four in 100 of the respondents intend to freeze wages, The Business Times reported on November 1, 2016.
Another survey done by Willis Towers Watson in June, indicated that salaries would rise 4.0 per cent nominally on average in 2017, while Mercer-HRBS' more recent poll showed a merit pay increase of 3.8 per cent. These are slightly lower than the 4.2 per cent hike expected for this year.
Freeze and cut in wages seem to be no longer favoured as an economic policy tool.
In the article, Elaine Ng, a leader consultant at Mercer-HRBS, says rather than hold pay still, or cut it, employers these days prefer to trim excess staff in a business slump - and "dish out salary increase to remaining employees to upkeep morale and retain their services for the upturn in business".