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46% of organisations in Singapore planning to give a pay increase to majority of staff in 2021 Details Published: 07 January 2021
A significant number of organisations globally are planning to skip providing salary increases to a majority of their employees in 2021, revealed a new Korn Ferry survey.
These sentiments were echoed by organisations in Singapore. Only 46% said they are planning to give an increase to at least 9 out of 10 staff in 2021. At the same time, a significant 30% were planning for no increases.
Of the companies in Singapore that are planning for pay rises, the headline salary increase stood at 3.0%, excluding inflation and respondents who indicated 0% increases. While, real salary increase expected is 2.1%, significantly lower than the 3.1% increase implemented for 2020 (excluding inflation and respondents who indicated 0% increases).
Wednesday, 06 Jan 2021 10:58 PM MYT
Overall, Singapore respondents are planning a 2 per cent increase in terms of median wage. Reuters pic
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SINGAPORE, Jan 6 Some 30 per cent of employers in Singapore are planning to give no salary increases in 2021, a worldwide study of salary increases has found.
This is a higher proportion compared with the rest of the world around 16 per cent of companies worldwide are planning to skip wage increments altogether in 2021, said the study by global consulting firm Korn Ferry released on Wednesday (Jan 6).The salary survey had collected data from 25,000 organisations in more than 150 countries. The study concerns planned increases for 2021 actual salary raises depend on many factors, including the pace of economic recovery.