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Singapore Workers' Salary Expected to be Among the Highest in the World in 2021

Singapore Workers' Salary Expected to be Among the Highest in the World in 2021

Singapore workers' salaries are forecast to rise to 3.0 per cent in 2021, up from 2.5 per cent in 2020 according to ECA international.

 

Upon factoring in the predicted inflation rate, workers in Singapore will see an average salary increase of 2.7 per cent in real terms. While down slightly from a 2.9 per cent real salary increase they saw this year, it is one of the highest in the world.

 

Lee Quane, Regional Director – Asia at ECA International said, “Singapore is expected to be the third highest in the global rankings for real salary increases on par with Thailand and Colombia, and second highest in the Asia Pacific on par with Thailand, despite the lower forecasted increase in 2021 compared to what workers saw this year. Singapore has experienced consistently low inflation in recent years, with the country seeing a deflation of -0.4 per cent in 2019, and is expected to see an inflation level of just 0.3 per cent in 2021. This will thus result in higher real salary increases for workers in Singapore, as compared to countries with higher inflation rates in Asia Pacific such as Hong Kong.”

 

ECA International is the world’s leading provider of information, software and expertise for the management and assignment of employees around the world. 

 

 

 

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