Almost all Singaporeans anticipate an increase in their incomes next year, despite many being uncertain about the strength of the local job market.
According to the global workforce sentiment survey conducted by Berkley Group, 99% of 737 Singaporeans interviewed are expecting an increment in their salaries.
The percentage is one of the highest in nine years, the firm stated.
“This figure is indicative of an increasing number of organisations rethinking retention programmes in this area, as well as employees being given more responsibility,” the survey reported.
In addition, 80% of respondents feel opportunities for promotion are better than or equal to last year.
The results are somewhat unsurprising, considering the Monetary Authority of Singapore’s announcement last week that the unemployment rate will stay low and wage growth will be strong next year.
The Berkley report also cited the rising cost of living in the region as one of the key driving factors for these results.
However, the report also pointed out that despite the prevalent optimism regarding pay raises and promotions, “only 40% of Singaporean respondents felt more confident in the general business market, suggesting there is still a level of skepticism in the country”.
This figure is above the global average (36%), and also a rise from last year’s percentage (6%).
Concluding the findings, the Berkley group’s managing director Wendy Cheong termed Singapore’s corporate “sentiment to be increasingly positive”.