SINGAPORE: An executive who has worked at a local bank for the past six years expressed his disappointment online after finding out there would be no salary increment this year.
“No salary increment again… feeling defeated. Last year’s was barely anything, and it’s been the same story for a while now,” he lamented. “Historically, increments have at least kept up with inflation. But even as the bank posts record profits, those of us in the trenches see less and less.”
He also expressed that it’s hard not to feel demotivated at this point, as his workload keeps increasing. “Expectations are higher than ever, and yet, there’s no meaningful reward. It feels like loyalty is being punished while new hires get better offers just to join,” he wrote.
“To clarify my current earnings and performance. Bonus: 2 months. Salary: S$5xxx/month. Performance: Top 15% based on rank and role,” he added.
Feeling lost, he asked other forum members whether he should start looking for opportunities elsewhere or accept that this was the new reality. “I would love to hear from others in similar situations. What would you do?” he asked.
“Be grateful that you have a job…”
In the discussion thread, several Singaporean Redditors weren’t sympathetic to the executive’s complaint. One Redditor commented, “The amount of high-earning people I meet who can’t even accept that they’re high-earning just pisses me off every time. It’s the typical sinkie mindset.”
Another wrote, “Reward? I mean… you have an income. And seeing that you’re a banking executive, your salary is probably better than most people’s. Many would love to be in your shoes. So… I dunno, be grateful that you have a job?”
On the other hand, some Redditors disagreed and said the executive’s frustration was understandable. One Redditor said, “There’s nothing wrong to be angry that they didn’t get an increment. In real terms, it’s equivalent to a salary decrease after you consider inflation. Yes, they earn a lot and should be glad and won’t suffer much, but money is still money. And money is almost always never enough unless your net worth is already in the tens of millions.”
Employees in Singapore to see salary increases of 2% to 5% in 2025, varies by industry
As per The Straits Times, employees in Singapore might see salary increases of 2% to 5% on average in the coming year. However, this could differ depending on the industry, with some sectors seeing higher or lower raises.
Aon, a professional services firm that surveyed more than 950 companies in Singapore and five other Southeast Asian nations, found that employees in Singapore are projected to receive an average raise of 4.4%. Consultancy firm Mercer also predicts that employers in Singapore will offer a 4% salary increase.
Moreover, Robert Walters, a global talent solutions firm, stated that employees who remain with their current companies might see 2% to 5% salary increases to keep up with inflation.
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