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A similar number also said they will search for a better-paying job this year.
More than three-quarters (77.4%) of Singaporean workers surveyed say they would cut expenses if they don't receive a salary increase to compensate for their declining purchasing power. This follows a general consensus on growing financial concerns among the majority, a study by Indeed has shown.
In particular, more than six in 10(63.54%) anticipate struggles with savings or bill payments:
- 40.66% anticipate saving less,
- 16.78% see themselves not being able to save at all, and
- 6.09% think they will find it hard to pay their bills.
Going deeper, the survey identified inflation and rising living costs as the primary issues in people's minds. More than seven in 10 (72%) surveyed say escalating prices are their greatest concern. They also worry about a potential economic recession and the continued effects of the COVID pandemic.
As such, inflationary pressures will motivate most to act: Of those surveyed, almost half (48.95%) will ask their employers for a pay rise, and a similar number (47.25%) will search for a better-paying job this year.
Nishita Lalvani, Marketing Director for Indeed in India and Southeast Asia commented: "Inflation is clearly a worry for most workers, and our research suggests they will push for higher compensation, with a significant number thinking about changing jobs in pursuit of a bigger paycheck.
"Interestingly, despite the relative pessimism about their own finances, most Singaporean workers are relatively optimistic about the economy in general."
On a larger scale, half (50%) are optimistic about the country's growth, and 31% are neutral, while fewer than two in 10 surveyed (19%) predict a negative year for the general economy. The data reflects similar confidence in the government's ability to control inflation, with 44% believing the authorities will do a good job and reduce the price hike.
Apart from the above, the survey also found that a significant number of employees (34%) expect a better salary through a promotion or a new job offer. However, most are unsure, with 41% saying they don't know if they will be promoted or have an opportunity in a new company. One in four (25%) don't think either will happen to them.
Another area in which Singaporean workers are more optimistic about others than themselves is the job market: For over 40% of respondents, companies' demand for new employees will remain strong, while 20% think it will decline.
Last, the research also revealed:
- Over 60% say they are working five times in the company office, while 33% are under a hybrid model that combines the office with working from home.
- Only 5% work entirely remotely.
- More than half of workers (51%) say they believe they will have to work even more time at their offices and are happy with that. However, one in five people (20%) says they are unhappy with having to be back to the office for longer.
Image / Shutterstock
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