Singapore employees likely to receive 8% salary increase in 2011

10.8 per cent of Singaporean respondents said they will give a salary increase of 8 per cent or more in 2011.

Ambition's 2011 market trends and salary report survey had more than 450 respondents from across Hong Kong and Singapore, and across multiple sectors, including Banking and Financial Services, Finance & Accounting, and Sales & Marketing.

According to Ambition's report, Singapore's market confidence is high with 93% of businesses meeting or exceeding expected performance targets for 2010 and 72.5% forecasting increased performnace for 2011. And despite 2010 Q3 reporting some cautious approaches to remuneration, salary increments and bonuses are now firmly back on the corporate agenda for 2011.

In Singapore, only 2.7% of respondents indicated that there would be no salary increments, whilst a very positive 86.5% of respondents, compared to a 79% Asia average, indicated that salary increments would be between 2% and 6%. Furthermore, at the other end of the spectrum, as many as 10.8% respondents in Singapore indicated that the salary increments they will award for 2011 could be as high as 8% or more.

Continuing with the positive news, it is also likely that the market will see an increased number of employees receiving a bonus this year. In fact, 81.1% of respondents in Singapore stated that the average employee (non-Director level) can look forward to a bonus of up to 20%, encouragingly higher than the market has seen for some time.

At Director level the good news also continues with 40.9% of respondents from Singapore indicating that bonuses could be up to 20%, 56% of respondents indicating above 20% and 24.2% even indicating that bonus payouts could exceed 30%.