Home News Pay hikes in Singapore, Asia expected with markets' steady growth

Pay hikes in Singapore, Asia expected with markets’ steady growth

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For 2019, consulting firm Korn Ferry sees a positive outlook for most Asian countries. The firm cited that most businesses across industries will be experiencing an economic boost.

Singapore’s economy, as shown, recorded a 2% increase in 2018, which is brought about by the growing trade war between the United States and China. The tension between the two countries became advantageous for Singapore, as a global trade diversion where the country is seen as a viable option in doing business while the trade war persists.

Annually, millions of graduates are always on the lookout in the Lion City’s saturated market. Most job hunters do not aspire for meager jobs but instead are taking their luck in oil and gas firms, transportation, tech and innovation, chemical and government work opportunities.

Despite the existing stiff competition and few available slots, the goods and service, including start-up companies, are the most preferred industries among new graduates as a promising market for the 2019 Asian economy.

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The salary increase is a product of many companies seeking more skilled workers to take in the workforce. Also, many enterprises and established firms are recruiting remote staff. This allows reducing office space costs or savings funds for basic employee amenities and allowances. The firms are also fortunate to find the best talents required to achieve the firm’s goals and deliver excellence at more affordable expenses.

Reportedly, the workers’ performance has nothing to do with the salary hikes. The real reason is that most Asian markets are booming. The whole Asian region is doing well making it easy for employers to increase staff salaries regardless of how they perform at work. In the latter part of 2018, the Singaporean economy, in particular, has shown an increase in the different sectors’ overall growth.

The favourable growth has to be sustained as the positive impact is only felt at Q1 of 2019. Amid the increasing tension regarding trade protectionism and the uncertainty of the U.S.-China trade conflict, the Singapore government can take advantage of the situation by enhancing its different sectors while enjoying a big chunk of the pie. Currently, the country’s economy has over 2.6% increase compared in the past quarter.

In general, the report cited, most Asian businesses can expect a 5.6% growth, a bit higher from 5.4% in the previous year. With the presence of inflation-related barriers, this brings an average 2.6% increase, which remains the highest within the existing global standards. The hike in 2018 was pegged at 2.8% among the Asian economies.

After India at 5% inflation in 2019, Vietnam’s forecast real-wage is the highest in the region at 4.8%. Indonesia comes at third place at 3.7%. Meanwhile, China’s 2019 forecast inflation is at 3.2 % while Singapore is seen at 3%. The lowest among the group is Japan having a real wage prediction at 0.1%.

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