The growing cost of living is impacting most job seekers in Singapore and leading to pay raise pressures, according to a survey released today by Indeed.

Over 70% of those interviewed say they intend to ask for a salary increase or promotion in the next 12 months, with 37% already looking for a higher-paying job. If a bigger paycheck doesn't materialise in the next year, over 56% say they will look for better pay elsewhere. 

The majority of respondents in the survey say they have seen a substantial hike in costs in areas such as rental and transport and that these soaring prices are leading them to ask for better wages.    

“Our survey shows that 60% of workers haven't received a salary increase in the past year and that 16% haven't seen an adjustment for two years or more. Now, most expect their bosses to compensate for the inflation with wage growth," said Saumitra Chand, Career Expert for Indeed Singapore and India.

Four in five workers agree inflation has significantly impacted the cost of living in 2022, with 40% saying rent increases have affected them and 73% considering using more public transport to avoid extra fuel costs. 

Over 59% of workers say that living costs have grown so considerably that they have even considered moving from the country for greener pastures. However, the majority also say they are unlikely to do so because of work and family.  

Singapore’s Central Bank July data shows that the key consumer price index rose at its fastest pace in more than 13 years and that headline inflation is now at 6.7% - almost three times higher than the 2.5% of July 2021.

Despite the challenges, most workers are optimistic. Almost 50% believe they will get a pay increase in the next 12 months and 43% think the job market will continue strong and offer good jobs in the same period. Meanwhile. one in five surveyed said they are pessimistic about getting a better pay check.