Salary Increments and Pay Raises in Singapore – How Much to Expect in 2024 and the Near Future theindependent.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theindependent.sg Daily Mail and Mail on Sunday newspapers.
This fiscal, software firms are offering hikes of 18-22% to those jumping jobs, while earlier, such candidates would command an increase of over 40% — even up to 100-120% — in remuneration, according to data from staffing firms accessed by ET.
Infosys and HCLTech have chosen not to implement raises, while Wipro has postponed its announcement to the third quarter. Tech Mahindra has granted increments to junior and mid-level employees but deferred them for senior roles. TCS, on the other hand, has given an average hike of 6% to 8%.
According to a TOI report, Infosys and HCLTech have chosen not to implement raises this time. Typically, Infosys announces its salary hikes in June/July, with them taking effect from April. HCLTech has opted to skip increments for mid to senior employees in this fiscal year and has postponed raises for junior employees by a quarter.