New survey shows employers awarding bonuses despite uncertain global economy
Employers across Singapore are planning to offer bigger bonuses and salary increments in 2024/2025 in a bid to retain and attract talent, according to a new poll from ManpowerGroup.
The poll, which surveyed 525 employers in Singapore, found that 89% are planning to award bonuses averaging more than one month in 2024/25, five per cent higher compared to 2023/24.
According to the survey, 42% of employers intend to hand out bonuses worth a month, while 35% are planning to offer bonuses worth more than a month up to one and 1/2 months.
"Even while the global economy remains uncertain, many companies are still awarding bonuses to acknowledge employees' efforts throughout the year," said Linda Teo, country manager of ManpowerGroup Singapore, in a statement.
Meanwhile, 82% of employers said they are planning to hike salaries by more than three per cent in 2024/2025, also higher than the 79% recorded a year prior.
Among them, 56% of the respondents said they plan to hike wages between three per cent and five per cent, according to the report.
Employees in the Transport, Logistics and Automotive sector are most likely to receive a pay hike, as 91% of employers said they have plans to give an increment of three per cent or more.
"Amid higher inflation, employers are calibrating their compensation strategy to help employees cope with the higher cost of living as well as to remain competitive in attracting and retaining talent," Teo said.
Singapore's full-time employed residents saw their nominal median gross monthly income increase by 5.8%, rising to $5,500 in 2024 and helping real wages rebound for the year.
