Singaporeans' salaries to increase 2.7% in 2018

Pic NST

According to its Salary Trends survey, Singaporeans will see their salaries increase by 4% in 2018.

United Kingdom professionals are set to receive among the lowest salary increases in Europe next year amid tepid productivity growth and high inflation, a new study has indicated.

Meanwhile, business management consultancy ECA International said that United Kingdom employees were expected to receive a 0.2% real-terms salary increase in 2018, 15 times less than their European peers.

Its projected wage growth ranks Singapore 9th out of the 20 countries surveyed in the Asia-Pacific (APAC) region and 14th globally.

"President Macri's market-friendly policies are expected to bear fruit in Argentina next year, causing inflation to cool and bringing respite to hard-pressed workers after years of low or negative real salary increases", Mr Quane added.

Despite this, the salary increases in Singapore for 2017 and 2018 are higher than those in Hong Kong and compare favourably with other developed economies in the region and globally, the survey noted. Factoring in inflation, real wage rises in the region will average 2.8 per cent, higher than other parts of the world.

While the forecast nominal salary is expected to increase by 2.8%, this is just 0.2% above the 2.6% inflation rate.

Elsewhere, workers in India are likely to see the highest pay rises across Asia, with real wage increments predicted at 4.9 per cent in 2018.

Workers in Malaysia, which was ranked 20th, have enjoyed wage increases of above 5 per cent for several years, thanks to low unemployment and a strong economy.

Only Japan, New Zealand and Australia fared worse in terms of anticipated real wage growth for 2018, but the city performed much better globally, placing 25th out of 72. With inflation expected to fall back slightly, employees can look forward to a boost in real salary increases to 2.3 per cent next year.

In Europe, expected real salary increases remain low.

"This, combined with higher inflation, which is expected to be 2.6% next year, has caused something of a pay crunch for United Kingdom workers".

Between August and September every year, human resources consulting firm ECA International surveys multinational companies around the globe to gauge salary adjustments for the year ahead.

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