Updated: 12/03/2013 22:44

Modest pay hikes, bonus predicted for Singapore workers



Modest pay hikes, bonus predicted for Singapore workers

Global management consultancy Hay Group says Singapore workers can expect an average variable bonus of 2.4 months for this year.

This is just slightly below last year's average of two-and-a-half months bonus. 

The consultancy says workers here have enjoyed an average salary increase of nearly 5 per cent between September last year and this September. 

It says that those working in the banking and insurance sector can expect the highest average salary increase of 5.7 per cent. 

Hay Group expects Singapore salaries to increase by 4.4 per cent by September next year.

It says 2014 is likely to be a "reasonably good year", given the significant economic growth announced by the Ministry of Trade and Industry. 

The ministry revised the growth forecast last month to between 3.5 and 4 per cent for 20-13, up from an earlier forecast of 2.5 and 3.5 per cent.

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