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Singapore salary and bonus survey shows healthy increases/payouts for 2014

March 11, 2014
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JobStreet.com conducted a survey to gather views on Singapore salary increases and bonus amounts for 2014.

Highlights of the Singapore salary increase and bonus survey from the employers point of view

  • Amidst the increasingly strong labour market in Singapore, most employers (62%) state having a competitive remuneration package as the most effective tool for staff retention.
  • The average bonus in Singapore is expected to be 1 month. 14% of employers said that they will pay out 2 months and 5% said they will pay 3 months bonuses.
  • 22% of employers said they intended to give a higher salary increment in 2014. 18% planned to give salary increases of above 7%. The average salary increment is likely to be 4.5%.

Highlights of the Singapore salary increase and bonus survey from the employees point of view

  • Over 80% of employees indicated that they had high expectations for their salary increment and bonus pay-out this year. They felt that they deserved to be paid more in return for their contributions to the company.
  • The strong job market is also having an impact on staff loyalty. 45% of employees compared to last year’s 26%, indicated that they will still explore better career opportunities outside of their company, despite receiving bonuses and salary increases that meet their expectations. Decision for a job change is largely driven by factors such as better remuneration packages, staff benefits, work-life balance and career advancements.

Infographic with more details/numbers from the Singapore salary survey

Amit Puri - Managing Consultant, Sandbox Advisors

Amit is an experienced career, business and HR professional. Previously, he has worked with organisations such as Bain & Company, Morgan Stanley and Citigroup. Amit has advanced degrees/qualifications in Career Counselling, Organisational Psychology & HR, Occupational Psychometrics, Career/Life Coaching & Business.

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