Source: Ministry of Manpower, Singapore
The Ministry of Manpower, Singapore has recently released its annual report on “Report on Wages in Singapore – 2010”.
Based on the report, total salaries (comprising basic wages and bonuses) recovered from 2009. After accounting for inflation, real wages increased for the first time since 2007. Average bonus payouts were 2.17 months, up from 1.99 months in 2009.
Singapore’s unemployment rate is at its lowest point in 3 years (1.9%) and the tight labor market is expected to lead to higher increases in salaries as employers compete to attract and retain staff.
The highest wage increases were recorded in the Financial Services Industry (9.9%), followed by Professional Services Industry (8.8%) and the Community, Social & Personal Services Industry (6.4%).
Workers in the Financial Services Sector recieved the largest bonuses (3.3 months), followed by those in the Manufacturing Sector (2.6 months), and the Transport & Storage Sector (2.38 months).