Which industry will see highest wage increase?

If you’re looking for a bigger salary boost next year, you could be better off working in the pharmaceutical and health science industry.

According to Towers Watson, that industry is expected to see salaries rise by 5% next year, up from the actual salary increase of 4.8% this year.

The local chemical industry is the only other sector expected to see an increase in salaries, from 4.2% in 2013 to 4.4% in 2014.

Industries where wages will remain constant include the general industry, FMCG and media (4.5%), and retail (4%).

On the other hand, sectors where salary increments are expected to fall are financial services (4.1% to 4%), high technology (4.4% to 4.3%), energy (4.5% to 4.3%), and professional services (4.4% to 4.3%).

Looking specifically at the media industry, the survey reported those in general and middle management, along with executives, professionals and technical and business support can all expected a 0.5% year-on-year improvement in salary increment; from 3.5% to 4.5% next year.

However, the anticipated salary increase for manual workers will remain at 4%.

The report also highlighted the human capital challenges it predicts will be the focus of businesses in Singapore next year, namely the tightening of foreign labour as well as employees’ growing expectations for better work-life balance.

It added employers affected by the foreign workers regulations will have to improve productivity to maximise the limited supply of labour, with more companies also investing in technology to aid work-life balance.