SINGAPORE — Salaries in Singapore are set to rise 4.3 per cent this year, down from a 4.5 per cent increase last year, according to a survey released today (July 1) by professional services company Towers Watson.
For the rest of Asia Pacific, wages in Pakistan and Vietnam are expected to rise the most at 13 per cent and 11.5 per cent, respectively. For India, salaries are likely to rise 10 per cent; for Indonesia, 9.6 per cent; for China, 8 per cent; for Hong Kong, 4.5 per cent; and for Malaysia, 5.9 per cent.
New Zealand and Japan are expected to see the lowest increases with 3 per cent and 2.3 per cent, respectively, according to the survey.
According to the survey, senior personnel in Singapore’s financial services sector are set to see the highest rate of increase in year-on-year salary growth across Asia Pacific and all other industry sectors.
Executive directors, the most senior executive position in a financial services organisation, are expected to see a salary increase of 4.3 per cent this year, compared with 2.5 per cent last year. Senior management, comprising executives who report directly to the general management, are expected to see a 4 per cent growth in this year, compared with 3 per cent last year.
“The growing number of financial institutions based in Singapore has led to an intensifying competition for top executives thus resulting in the market adjustment of salaries,” said Mr Sean Darilay, Leader of Towers Watson’s Global Data Services practice in South-east Asia. “Beyond pay strategies, organisations are trying to find innovative means of attracting and retaining key talent within the total rewards portfolio, such as new ways of designing and delivering their benefits.”
The Towers Watson 2013 to 2014 Asia-Pacific Salary Budget Planning Report surveyed about 400 different companies across 18 countries in the Asia-Pacific region.