Millennial workers in Singapore want higher salaries in 2023

Updated: Jun 15

SINGAPORE: As Singapore faces soaring living costs and labor shortage, a new YouGov survey found that 47% of employees plan to request greater pay in the coming year. This is especially true among young workers aged 25 to 34, with six out of 10 hoping for a raise.

Meanwhile, older generations aged 45-54 and 55+ were found more likely to voice the opposite viewpoint. Seven in 10 respondents express their disapproval of a wage increase (65% for those 45-54; 64% for those 55+).

The February 2022 survey, which polled over 19,000 people in 18 countries, also discovered that the number of Singaporeans seeking a raise reflects the global average (47%). The top three nations where residents were most likely to seek a salary increase were the United Arab Emirates (65%), India (56%), and Indonesia (53%), while employees in France (18%), Germany (16%), and Spain (14%) were least likely to.

YouGov's findings showed that a third of those planning to request a raise want increments ranging from 2.1% to 5%, which is close to the anticipated core inflation rate of 2.5% to 3.5% and headline inflation rates of 4.5% to 5.5% for 2022. One in 10 prefer a 2% or less increase, while a quarter would seek a 5.1% to 10% increase (24%). Moreover, one in seven would request a bigger raise of more than 10% (14%), with males much more inclined to do so (17%). However, one in every five people remains undecided (18%).

When asked why they would not demand greater compensation, the majority responded it was because they did not believe their company would provide it (67%). Fewer than a quarter said they would keep their present wage because they are satisfied with what they are paid (23%), while one in five claimed they had just received a raise and would not want another (17%).

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