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Singapore’s 2025 salary growth projected to be slowest in Southeast Asia, study reveals

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SINGAPORE: According to the latest Singapore Business Review report, Singapore’s salary growth is expected to remain modest in 2025, with a projected increase of just 4.4%, the lowest across Southeast Asia, revealed by Aon’s recent Salary Increase and Turnover Study.

This marks a continuation of restrained wage growth in the city-state, following a similar trend seen in Thailand, which is forecasting a 4.7% salary hike for next year.

In contrast, other countries in the region are anticipating more robust salary increases.

Vietnam is leading the pack with an impressive 6.7% increase, while Indonesia and the Philippines are projected to see salary rises of 6.3% and 5.8%, respectively.

Within Singapore, the consulting, business, and community services sectors are expected to see the highest salary growth, with a projected increase of 5.7%.

However, other industries anticipate more conservative pay raises as companies face economic uncertainty and cost constraints.

The study also highlighted a growing challenge for employers in Singapore, with employee attrition rates edging up slightly to 16.7% year-on-year in 2024.

This marks a notable concern for businesses grappling with talent retention amidst an increasingly competitive job market.

The consulting and business services sectors are experiencing the highest turnover, while the technology sector’s attrition rate remains relatively stable at 15.1%.

Impacts on employee morale and retention

A modest salary increase can significantly impact employee morale and retention, especially when employees feel their contributions aren’t adequately recognized or rewarded.

In such cases, job satisfaction tends to dip, leading to decreased motivation and overall work engagement.

Furthermore, employees may perceive salary growth as unfair, particularly compared to compensation levels in other Southeast Asian countries.

This sense of inequality can breed dissatisfaction, eroding trust and fostering a negative workplace atmosphere. As a result, companies could see a rise in turnover rates.

Employees dissatisfied with the limited salary growth may seek better opportunities within Singapore or abroad, where salary growth prospects are more favourable.

In a Ministry of Manpower report featured in an article dated April 2024, Singapore’s attrition rate reached 19.6% year-over-year, a sign of increasing worker discontent.

For employers, this presents a competitive challenge. Companies may struggle to retain top talent as skilled professionals are lured away by more attractive compensation packages in other regions.

This can lead to a talent drain, where the most skilled employees leave for better opportunities, ultimately impacting the company’s ability to maintain a competitive edge in the market.

Wage growth vs business stability

Some business leaders may argue that it is essential to maintain a balance between wage growth and overall business stability in an environment of fluctuating economic conditions.

They may view modest salary increases as a means of safeguarding against potential downturns, ensuring they can navigate future uncertainties without compromising their financial health.

However, this perspective risks overlooking the long-term benefits of investing in employee satisfaction and loyalty.

In a thriving economy, wage growth and business stability are increasingly intertwined.

When employees feel valued and adequately compensated, they are more likely to invest their energy and creativity into their work.

This enhances individual productivity and cultivates a positive workplace culture that attracts new talent.

What should companies prioritize?

Rather than viewing wage growth as an expense, forward-thinking businesses should consider it an investment in their most valuable asset — their people.

As the cost of living continues to rise, companies in Singapore should prioritize ensuring that wage growth keeps pace with inflation.

By doing so, they support the financial well-being of their employees and contribute to their long-term stability and success in a competitive marketplace.

Ultimately, it is about creating a balanced ecosystem where employees feel valued and businesses thrive together.

Singapore shophouse sales dropped 46.1% YoY in 9M2024; only 62 sold

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SINGAPORE: The number of shophouse transactions in Singapore dropped in Q3 2024, with fewer deals than earlier in the year.

According to data from property agency Huttons, in Q3 2024, only 18 caveats were lodged for shophouses, down from 21 in Q2 2024.

According to Singapore Business Review, in the first nine months of 2024 (9M2024), around 62 shophouses were sold, a 46.1% year-on-year (YoY) decrease compared to the same period in 2023.

The total value of transactions also fell. Several shophouses in Districts 1 and 2, including those along Amoy Street, Neil Road, and Telok Ayer Street, were sold for a total estimated to exceed S$70 million in Q3 2024.

In District 7, a few shophouses were sold for nearly S$60 million in total. 

In Q3 2024, the total transacted value of caveated shophouses was S$138.9 million, down 28.8% quarter-on-quarter (QoQ) from S$195.1 million in Q2 2024.

Compared to 3Q 2023, the drop was even steeper, with a 50% YoY decrease from S$278.6 million.

The total value of transactions for 9M2024 reached S$519 million, which is 48.5% lower than the same period in 2023. /TISG

Read also: Sale of shophouses linked to money laundering probe sparks buyer interest

Singapore pledges S$670M to drive S$6.7B green revolution across Asia

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SINGAPORE: In a bold commitment to combat climate change, Singapore has pledged up to US$500 million (S$670 million) as part of the Financing Asia’s Transition Partnership (FAST-P).

As per the report of the Singapore Business Review, this initiative aims to accelerate decarbonization efforts across Asia, focusing on the region’s most challenging sectors to decarbonize and providing critical funding for sustainable development.

A catalyst attracting new sources of financing

The new fund, alongside concessional capital from other global partners, will act as a catalyst to attract commercial capital and additional sources of financing.

The goal is to raise as much as US$5 billion (S$6.7 billion) to meet Asia’s urgent green and transition financing needs—an essential step in enabling the region to meet its climate goals.

The FAST-P initiative will prioritize projects in hard-to-abate sectors, such as heavy industry and transportation, as well as invest in cutting-edge low-carbon technologies and sustainable industrial solutions.

By focusing on these key areas, the partnership aims to drive the transformation of Asia’s economy toward a low-carbon, sustainable future while providing the financial backing necessary to make this transition possible.

This commitment underscores Singapore’s role as a leader in the global fight against climate change, fostering collaboration and innovation to support Asia’s green transition.

Fast-P

The Financing Asia’s Transition Partnership (FAST-P), launched by the Monetary Authority of Singapore (MAS) in 2023 at COP28 in Dubai, has received a significant update.

Announced by Grace Fu, Singapore’s Minister for Sustainability and the Environment, in a pre-recorded address at the Singapore Pavilion at COP29, the updated initiative aims to accelerate the flow of capital into Asia’s green transition.

The summit runs through Nov 22.

In a statement featured in an article published by The Straits Times, Minister Fu emphasized the role of the new concessional capital pool in attracting private investments.

“This combined pool of concessional capital will be used to crowd in commercial capital and other sources of finance to accelerate capital flows to support Asia’s green transition.”

Funding high-impact initiatives

During a live session at the pavilion on Nov 12, Ravi Menon, Singapore’s Ambassador for Climate Action, pointed out Asia’s significant challenges in attracting private capital for decarbonization.

He explained that these obstacles stem from a lack of expertise in green project development, high upfront costs, long payback periods, and the inherent regulatory and technological risks.

Mr Menon, a senior adviser to Singapore’s National Climate Change Secretariat, further detailed that the updated FAST-P initiative could leverage up to US$4 billion in commercial capital to fund transition projects across Asia.

These projects include high-impact initiatives such as the early phase-out of coal power plants, upgrades to electricity grid infrastructure, and industrial decarbonization efforts that are often seen as too risky or underdeveloped for traditional financing.

By addressing these financial gaps, FAST-P is positioning itself as a critical mechanism to support Asia’s ambitious decarbonization goals, helping to unlock the investment needed for the region’s sustainable future.

Featured image by Depositphotos (for illustration purposes only)

Singtel reports 42% drop in first-half net profit

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SINGAPORE: On Wednesday, Nov 13, Singapore Telecommunications (Singtel) reported a 42% drop in its first-half net profit, mainly due to the absence of a S$1.2 billion gain from the previous year’s Telkomsel merger.

Channel News Asia reports that the telecom company expects a low double-digit growth in earnings before interest and tax (EBIT) for fiscal 2025.

Last year, Singtel’s Indonesian associate, Telkomsel, merged with its parent company’s IndiHome broadband division to strengthen its position in Indonesia’s fixed broadband market.

The company’s CEO provided insights into Singtel’s efforts to develop new revenue streams by focusing on artificial intelligence (AI) and data centres.

Singtel’s CEO, Yuen Kuan Moon, said that NCS and Nxera, Singtel’s data centre brand, are key to promoting AI in the region.

The company is investing in AI infrastructure to support businesses and governments better.

He also mentioned that Singtel plans to expand NCS and launch new Nxera data centres by mid-2025 to meet growing demand.

Optus, Singtel’s Australian subsidiary, currently involved in a legal dispute with the country’s competition watchdog, reported operating revenue of A$4.02 billion (S$3.52 billion) for the six months, matching the previous year.

However, its net profit dropped to S$1.23 billion, down from S$2.14 billion in 2023, missing analysts’ estimates of S$1.37 billion.

The company announced an interim dividend of seven Singapore cents per share, up from 5.2 last year. /TISG

Read also: “Western Union is best placed to bring Dash to the next level”: Singtel assures users support after conditional agreement with Western Union

BLACKPINK’s Lisa says she loves Singapore’s pink soup (ice kacang) and kaya toast during her fan meet in SG

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SINGAPORE: According to The Star, Lisa of BLACKPINK became the first group member to hold a solo fan meet in Singapore.

She dazzled fans with her vibrant performances and warm interactions at the sold-out event at Singapore Indoor Stadium on Nov 11.

Known for her captivating presence, the Thai rapper-singer performed her debut single Lalisa (2021), adorned in a jewelled black outfit, supported by 12 backup dancers and dramatic pyrotechnics.

In her 105-minute set, Lisa performed five songs, including her latest, Moonlit Floor (Kiss Me), and New Woman, a pop-electronica anthem.

As the world’s most-followed K-pop star on Instagram, with a Guinness World Record to her name, she also recently opened the Victoria’s Secret Fashion Show in New York.

Photo: Instagram/Lisa

Memorable moments

Fans, known as Blinks and Lilies, were treated to memorable moments, including a food segment where Lisa sampled local favourites.

She praised the kaya toast as “sweet and salty” and expressed her love for ice kacang, describing it as a “pink soup”.

Another highlight was a segment called Gallery 0327, named after her birthday.

Lisa shared personal stories behind her social media photos, such as attending a Taylor Swift concert where she unknowingly received friendship bracelets from fans.

She also recounted a charming moment at a restaurant where she spotted a fan wearing her face on a shirt but chose not to interrupt.

Lisa loves her fans

Lisa further delighted fans by inviting five audience members onstage, rewarding creative interpretations of the “star” dress code.

One fan in a star-covered outfit won a Polaroid photo with her, while others received autographed CDs. In closing, Lisa thanked the crowd: “I wouldn’t be here without you guys. I love you.”

Singapore boosts global crime-fighting power with Mutual Assistance in Criminal Matters (Amendment) and Other Matters Bill (MACMA)

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SINGAPORE: The city-state is set to enhance its international criminal cooperation framework with the introduction of the Mutual Assistance in Criminal Matters (Amendment) (MACMA) and Other Matters Bill, which was read for the second time in Parliament on 11 Nov.

According to the Singapore Business Review, the bill seeks to bring Singapore’s legal regime in line with evolving global standards, ensuring its continued effectiveness in cross-border crime fighting.

Streamline legal processes

Key features of the proposed legislation include empowering Singapore’s law enforcement agencies to take statements from individuals to support foreign criminal investigations.

This move is designed to streamline the process of assisting overseas authorities in complex international cases.

The bill also strengthens Singapore’s ability to tackle transnational crime by allowing authorities to identify, freeze, seize, or confiscate property linked to foreign offences.

Additionally, it clarifies the conditions under which foreign confiscation orders can be enforced in Singapore.

These updates will enable the country to recognize orders issued by foreign courts and competent authorities, expanding the scope for cooperation.

Efficiency in international cooperation

Another notable change involves amendments to the Extradition Act, allowing Singapore to request extradition to any territory rather than being restricted to countries listed in the Third Schedule.

This adjustment is expected to enhance Singapore’s flexibility and responsiveness in extradition matters.

The bill also introduces technical updates, such as permitting the authentication of overseas documents under MACMA and the Extradition Act, provided they are sealed or stamped by an official authority in the originating country.

This will streamline legal processes and improve efficiency in international cooperation.

Minister of State for the Ministry of Law and Ministry of Transport, Murali Pillai SC, emphasized the government’s commitment to continuously reviewing and strengthening Singapore’s international cooperation regime.

He reassured that as the legal framework evolves, robust safeguards would be implemented to ensure that actions taken by Singapore are based on solid, meritorious cases.

As global crime continues to cross borders, these legislative updates reflect Singapore’s determination to stay at the forefront of international criminal justice, ensuring its law enforcement authorities are equipped to meet the challenges of an increasingly interconnected world.

Featured image by Depositphotos (for illustration purposes only)

China official faces outrage for using beauty filters in rice promo video

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CHINA: A promotional video featuring China’s government official has sparked a lively debate on social media after she used beauty filters in the footage, raising questions about the role of public image in the digital age.

A report featured by the South China Morning Post (SCMP) indicated that the controversy began on Nov 1, when the official account of Yuhong Cultural Tourism in Shenyang, Liaoning province, shared a video showcasing local rice.

The video, which featured Peng Bo, a 41-year-old deputy director at the Bureau of Culture and Tourism in Yuhong district, quickly went viral, though not for the reasons intended.

In the video, Peng introduced a special variety of rice from Wanjin village, switching between fluent English and a northeastern Chinese dialect.

Artificial beauty is not welcome

Dressed formally, Peng began in English with a British accent, saying, “Ladies and gentlemen, I’d like to give you a grand introduction to our special product today, which is rice.”

She then seamlessly switched to her native dialect to continue the presentation, handing off to a man named Zhao Heping, who spoke about the rice’s natural, chemical-free cultivation in crab fields.

While many viewers found the transition between languages amusing, the video soon faced criticism for another reason: Peng’s heavy use of beauty filters.

Some netizens felt the filters undermined her credibility as a government official, suggesting that her polished image detracted from her professional role.

One critic remarked, “It’s better to focus on your work than on perfecting your image,” while another suggested that using filters could give the misleading impression that Peng was much younger than her 41 years.

“She is good-looking, but there’s no need for filters. Officials should maintain authenticity,” one commenter wrote.

Filters vs authenticity, modesty

In response to the backlash, Peng apologized, acknowledging that she hadn’t expected the video to gain so much attention.

“If I had known it would go viral, I would have avoided using such a strong filter,” she explained.

However, many online users came to Peng’s defence, arguing that beauty filters are a common part of social media culture and should not overshadow her contributions.

“Who doesn’t use filters these days?” one supporter said. “What matters is her dedication to supporting local communities!”

Another added, “Filter or no filter, you are beautiful!”

The incident has prompted a broader discussion on the role of social media in the professional lives of Chinese officials.

While some argue that public figures should use filters sparingly to preserve their authoritative image, others emphasize the need for authenticity.

Public officials in China are often under pressure to project an image of modesty and simplicity, which aligns with the government’s anti-corruption and anti-materialism stance.

The controversy also highlights the strict boundaries within which Chinese bureaucrats must navigate their public personas.

In recent months, other officials have faced scrutiny for their social media conduct.

In October, Li Taoyan, the director of the Zhuhai Market Supervision Administration, came under investigation for alleged misconduct after wearing a Louis Vuitton scarf worth around $280 during a media appearance.

As the debate over Peng’s use of filters continues, it serves as a reminder of the complex balance between personal image and professional duty for public officials in China’s increasingly digital world.

Featured image by Depositphotos (for illustration purposes only)

Japan’s politician call to ban women from getting married after 25 and the removal of their uterus at 30 sparks outrage

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JAPAN: The leader of a far-right Japanese political party has come under fire for making deeply controversial remarks about women and Japan’s declining birth rate.

In a report from SCMP, Naoki Hyakuta, the founder of the Conservative Party of Japan, sparked outrage after suggesting that the solution to the country’s demographic crisis could involve banning women from marrying after the age of 25 and forcibly removing their uteruses at 30.

He also proposed that women should be barred from attending university after 18 in a bid to prioritize childbearing.

Public outrage

Hyakuta, a novelist known for his provocative views, made these statements on his YouTube channel Friday, triggering an immediate backlash from many critics, including academics, activists, and entertainers.

In the face of public outrage, Hyakuta attempted to retract his comments during a speech in Nagoya on Sunday, claiming they were merely a “hypothetical idea” and not something he endorsed.

He described them as part of a “science-fiction storyline” intended to provoke thought on Japan’s declining birth rate but conceded that his words were “extremely harsh.”

Despite his apology, many have expressed disbelief and anger over the content of his remarks.

A call to violence against women

Sumie Kawakami, a lecturer at Yamanashi Gakuin University and gender issues author, called the comments “a call to violence against women.”

She criticized Hyakuta’s attempts to downplay the gravity of his words, suggesting that the political climate in Japan was sliding toward the kind of divisive rhetoric seen in other parts of the world, particularly the United States under Donald Trump.

“I cannot believe that a Japanese politician has said such a thing,” Kawakami said.  “If there had been no backlash, I don’t think he would have apologized.

His comment was an attempt to manipulate public opinion, and that’s dangerous,” she added. And the furore was not confined to academics and gender rights advocates.

In the entertainment industry, actress Tomoko Mariya condemned Hyakuta’s comments, calling his party “out of control” and accusing him of a profound “lack of awareness.”

Fellow actress Chizuru Higashi also voiced her concern, describing the idea of removing women’s reproductive organs if they haven’t had children by 30 as “terrifying,” even as a joke.

“Women can’t get pregnant on their own,” she added, “and the real reasons for the declining birth rate are economic instability and uncertain job prospects.”

The backlash extended to Hyakuta’s political party. Takashi Kawamura, joint chairman of the Conservative Party of Japan, publicly distanced the party from Hyakuta’s remarks, telling Fuji Television that he had urged the leader to retract his comments. “I apologize on his behalf to the supporters of the Conservative Party and the Japanese people,” he stated.

Just fiction?

Hyakuta is no stranger to controversy. His 2006 novel “The Eternal Zero,” which romanticized kamikaze pilots, was a bestseller and later adapted into a film.

His political views are similarly provocative, including a rejection of the historical narrative surrounding Japan’s wartime actions, such as denying the Nanking Massacre and dismissing the Tokyo War Crimes Trials.

In 2023, he launched the Conservative Party of Japan in protest of the passage of the LGBT Understanding Promotion Act, signalling his increasingly hard-right stance.

The remarks have sparked a wider conversation about the current state of Japanese politics.

Hiromi Murakami, a political science professor at Temple University in Tokyo, noted that Hyakuta’s party appeals to disillusioned voters who once supported the ruling Liberal Democratic Party (LDP) but are now seeking more extreme alternatives.

“These views were always present in conservative circles, but they are only now being voiced openly,” Murakami said, adding that Hyakuta’s comments could cost his party support in the next election.

As Japan grapples with a rapidly ageing population and a shrinking workforce, the debate over the nation’s birth rate continues to intensify.

However, many argue that a focus on restricting women’s rights and choices, as suggested by Hyakuta, is not the solution.

Instead, critics call for policies that address the root causes of the demographic crisis, including economic inequality, unstable employment, and a lack of support for working mothers.

The controversy surrounding Hyakuta’s remarks has underscored the deepening polarization in Japanese politics, and it remains to be seen whether this will have lasting repercussions for the Conservative Party of Japan and its leader.

Featured image by Depositphotos (for illustration purposes only)

Singapore stocks fell as trading began on Wednesday—STI dropped 0.7%

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SINGAPORE: Singapore stocks fell as trading began on Wednesday, Nov 13, mirroring losses in global markets.

The Straits Times Index (STI) dropped 0.7%, down 24.31 points to 3,687.17 by 9:02 am, as reported by The Business Times.

In the broader market, 78 stocks fell compared to 43 that advanced, with 47.8 million securities valued at S$89.5 million traded.

Genting Singapore led the trading volume, slipping 0.6% or S$0.005 to S$0.78 with 8.4 million shares traded.

Frasers Logistics & Commercial Trust also saw high trading activity, falling 3% or S$0.03 to S$0.97 at market opening.

Singtel shares were actively traded but remained steady at S$3.16 after the group reported a 42.4% year-on-year (YoY) drop in first-half net profit to S$1.23 billion.

Singapore banking stocks also dropped in the morning trade. DBS fell 0.7% or S$0.30 to S$42.04, UOB lost 1.4% or S$0.49 to S$35.04, and OCBC dipped 0.6% or S$0.09 to S$16.08.

After gains following the election, Wall Street stocks dropped on Tuesday.

The Dow Jones Industrial Average declined 0.9% to 43,910.98. The S&P 500 dropped 0.3% to 5,983.99, while the tech-heavy Nasdaq Composite Index edged down 0.1% to 19,281.4.

In Europe, stocks also fell due to concerns over US-China relations and weaker corporate earnings. The Stoxx 600 recorded its sharpest single-day drop since early August, sliding 2% to close at 502.23. /TISG

Read also: Singapore stocks dipped on Tuesday morning—STI slipped by 0.2%

Featured image by Depositphotos

90% business leaders look for critical thinking skills when they seek to hire new staff

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SINGAPORE: A recent survey conducted by NTUC LearningHub has highlighted the growing importance of critical thinking skills in today’s job market.

According to the survey, over 90% of business leaders believe these skills are crucial when recruiting new employees.

The survey also emphasized the role of critical thinking in enhancing employees’ technical abilities, especially in the face of rapidly evolving technologies such as artificial intelligence (AI).

NTUC LearningHub’s findings reveal a widespread consensus among business leaders that critical thinking is essential for improving and complementing the technical skill sets of employees.

However, despite this recognition, the survey also uncovered a significant gap in the current thinking skills across organizations.

More than 80% of the leaders admitted that their companies still face challenges in ensuring their workforce possesses the necessary thinking skills.

The report further revealed that although 90% of leaders agree that all employees should have a baseline level of critical thinking abilities, only 43% of organizations have implemented training programs to develop these skills in the past year.

This discrepancy points to a disconnect between the recognition of critical thinking’s importance and the practical steps taken to foster its development within the workforce.

Leaders interviewed for the survey identified several obstacles to improving thinking skills in their organizations.

These included the lack of clear measurement tools to assess progress, inconsistent understanding of what constitutes effective thinking skills, and challenges in tailoring training programs to suit the specific needs of different roles or departments.

The findings highlight the need for businesses to acknowledge the importance of critical thinking and take concrete steps toward integrating it into employee development strategies.

As emerging technologies like AI continue to reshape industries, developing strong thinking skills will be increasingly vital for organizations aiming to remain competitive and adaptable in the evolving job market.