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HR experts from Kelly Services and Randstad expect Singaporeans to benefit from pay rises this year. Those earning less than SGD 4,000 (USD 3,200) a month can look forward to higher wages, following a recent announcement by the government to subsidise pay rises for the coming years.
“Most companies will still be cautious because of the uncertain economic climate,” said Mark Hall, vice president at Kelly Services Singapore, to Channel News Asia.
“Nevertheless they are going to look forward to the Wage Credit Scheme, to capitalise on it, especially since it's quite an easy scheme to apply to their employees. In the first year, most companies will take advantage of it, because we're not yet in a restrictive economic environment, not yet anyway.”
This scheme will run until 2015 with the government co-funding the wage increases that are given to Singaporean employees who earn a gross monthly wage of up to SGD 4,000 (USD 3,200).
But the job market remains tight. “The employment market and the war for talent in Singapore are only going to get worse as time goes on,” said Michael Smith, director at Randstad Singapore.
“Subsequently, it will be difficult for Singaporean employers to strike that right balance with meeting their productivity targets as well as attracting and retaining the top talent. It's about making sure that they have a strong employer brand, that they're offering what employees want, and being flexible in their working options for their staff.”