What will push employers to raise 2023 salaries

Employers in Singapore expect a 4% salary increase.

With the tight labour market and rising costs, employers in Singapore are looking to increase the wage of their workers in 2023, showed the global advisory, broking and solutions company WTW’s Salary Budget Planning Report.

In the report, Singapore’s projected 2023 salary increase goes up to 4% in 2023 from 3.9% in 2022.

On reasons behind raising the salary, 66.2% firms said they are concerned over a tighter labour market, 52.3% companies said they are worried about cost management, 43.1% said they are concerned about employee expectations.

Over 65% still have no action in making or considering more frequent salary increase adjustments whilst 21% are planning to do so and 13% already increased the frequency of raising salaries.

Among these 34% who have plans and already raised salaries, the vast majority or 95% of companies have or will adjust salaries twice per year.

The research used survey of 6,945 businesses in Asia Pacific, including over 620 companies in Singapore.

Follow the link for more news on

WTW

Salary Report

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia