Singapore salaries to rise 2.7% next year

Pic NST

Steven Kilfedder, production manager at ECA International, said, "Productivity growth in the United Kingdom has remained low in recent years so employers have not been able to offer the level of salary increases that they have been able to in the past".

ECA said that next year's pay rise predictions were in line with what happened this year, when employees received a disappointing 0.1% real salary increase due to a jump in inflation caused by sterling's fall in value.

Singapore employees can expect a 2.7 percent "real" wage increase next year - down slightly from this year's 2.9 percent.

That puts the United Kingdom at the tail end of the salary increase table in Europe, ranking 23rd out of 26 countries surveyed in the region. The city sits at 25th in the global ranking in terms of real salary increase.

"President Macri's market-friendly policies are expected to bear fruit in Argentina next year, causing inflation to cool and bringing respite to hard-pressed workers after years of low or negative real salary increases", Mr Quane added.

The predicted real salary increase is calculated as the difference between the predicted nominal salary increase and inflation. "This reflects the fact that the Singapore economy continues to perform well on the back of global economic recovery". Factoring in inflation, real wage rises in the region will average 2.8 per cent, higher than other parts of the world.

Asia-Pacific countries occupied eight of the top 10 spots in the global rankings, led by India in second place with a real wage growth of 4.9 per cent.

Among South-east Asian countries surveyed, Vietnam and Indonesia jointly ranked fourth globally, ahead of Thailand (sixth) and Cambodia (10th).

In comparison, last year's survey predicted a real wage increase of 2.9 per cent in 2017 after taking into account inflation of 1.1 per cent.

However, Australians can expect real wages to rise by only 0.8 per cent, the survey found.

Workers in Malaysia, which was ranked 20th, have enjoyed wage increases of above 5 per cent for several years, thanks to low unemployment and a strong economy.

Only professionals in Hungary, Poland and Ukraine are anticipated to have lower pay increases than those in Britain.

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