Inflation spurs salary increment requests across Singapore

SINGAPORE: The growing cost of living in Singapore is leading to pay raise pressures for employers.

A recent survey by jobs platform Indeed has found that 56% of Singaporean professionals say that they will look for better pay elsewhere if they don't receive a payrise within the next year.

Four out of five workers agreed that inflation had significantly affected the cost of living in 2022. Data from the Monetary Authority of Singapore shows that the country's key consumer price index hit a 13-year peak in July, with the rate of inflation almost three times the rate recorded in July last year.

The numbers show that inflation is rising across a broad set of categories, including services, food, retail and utilities.

Adding to the pressure on salaries is that 60% of workers had not received a payrise in the 12 months leading to the survey. 16% reported that their salaries had stagnated for two years or more.

"Most (workers) now expect their bosses to compensate for the inflation with wage growth," said Saumitra Chand, Career Expert for Indeed Singapore and India.

And workers are also confident in those expectations, with only one in five respondents pessimistic about getting a bigger paycheck. Almost half of respondents believed they would see a pay increase over the next 12 months.

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