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High performers in Singapore can expect to be handsomely rewarded as employers begin salary reviews.
According to Towers Watson’s Salary Budget Planning Report 2012-2013, Singapore and Hong Kong were tied at 12th place in terms of percentage increase in projected salary.
Both countries are expecting a 4.5% salary increase across all industries and employee groups this year, unchanged from 2012.
Overall, 79% of respondents in Singapore predict a larger portion of their salary budget allocation will be directed to high performers, and 3% expect the entire budget increase to benefit high performers.
Nearly a fifth (17%) said the budget will be allocated equally to all employees, and 1% of respondents expect to exclude high performers from planned salary decreases.
This year, 98% of employers in Singapore will conduct a salary review, 1% higher than in 2012.
However, 2% of 152 local respondents said there will be a salary freeze in 2013, 1% lower than last year. None of the respondents expect postponed or statutory salaries.
In Singapore, 5% of respondents within the high tech sector expect a salary freeze in their industry – making them the only industry in Singapore to anticipate a freeze.