Singapore workers can expect conservative pay rises this year

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Singapore workers can expect only conservative pay rises this year and the forecast is less optimistic for 2014, said global management consultancy Hay Group.

Hay Group released its report "Building the Capabilities of the Next Generation Workforce" on Tuesday.

The report is based on a March 2013 polling business sentiments as well as salary and bonus projections for the next 12 months.

The average salary increase for 2013 is 4.7 per cent. For 2014, the forecast is 4.4 per cent.

According to the report, the top sectors with the highest average salary increases in 2013 are Life Sciences/Pharmaceuticals and Services (5.7 per cent), Utilities (5.3 per cent), and Oil & Gas (5.1 per cent).

In 2014, the forecast average salary increase is 5.2 per cent for Life Sciences/Pharmaceutical, 5.1 per cent for Services, and 5.0 per cent for Insurance.