Singapore salaries to rise 2.7% next year

Singapore salaries to rise 2.7% next year

Singapore salaries to rise 2.7% next year

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".

With inflation predicted for the territory at 2.2% next year, that translates to a mere 1.8% real-terms salary increase down from 2% in 2017.

WORKERS in Singapore can expect to see a real salary increase of 2.7 per cent in 2018, according to the latest Salary Trends survey by ECA International (ECA).

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"Over the past few years inflation in Singapore has increased while nominal salary increases have stayed flat, which has had the effect of slowly eroding pay rises in real terms".

Secretary for Labour and Welfare Dr Law Chi-kwong echoed Quane's views, arguing Hong Kong did not fare so badly when compared with other developed economies.

The average real salary increase across Europe is expected to be 1% next year, with France and Germany poised for increases of 0.9% and 1.2% respectively.

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India will be joined within the global top ten in terms of real salary increases by fellow sub-continent nations of Pakistan and Bangladesh along with Asean nations of Vietnam, Indonesia, Thailand and Cambodia as well as China, it added.

"This reflects the fact that the Singapore economy continues to perform well on the back of the global economic recovery". India received the highest real wage increase in Asia for the second year in a row with a real rate of increase of 4.9%.

"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", said the consultancy's production manager Steven Kilfedder. With inflation expected to fall back slightly, employees can look forward to a boost in real salary increases to 2.3 per cent next year.

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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. Real wage growth in Germany and France is expected to be 1.2 per cent and 0.9 per cent respectively while the United Kingdom will see the lowest rate of real wage growth in the region at 0.2 per cent. Factoring in inflation, real wage rises in the region will average 2.8 per cent, higher than other parts of the world.

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