A third intend to ask for increments around forecasted inflation rates, at 2.1% to 5%
Amid rising costs of living and a manpower crunch in Singapore, data from a recent YouGov study indicates that almost half of employees here intend to request higher wages in the next year (47%). This rises sharply among young adults aged 25-34, with six in ten looking for a pay increment (61%).
Older generations aged 45-54 and 55+ were significantly more likely to express opposite sentiment, with closer to seven in ten saying they would not request a pay review (65% for those 45-54; 64% for those 55+).
The February 2022 study, conducted among over 19,000 respondents in 18 territories, also found that the proportion of Singapore residents who are looking to ask for an increment (47%) is consistent with the global average (47%). The United Arab Emirates (65%), India (56%) and Indonesia (53%) accounted for the top three countries where residents were most likely to request a pay raise, while employees in France (18%), Germany (16%) and Spain (14%) were least likely to.
Among those who intend to ask for a raise, a third are looking to request for increments between 2.1% to 5% – hovering near the forecasted core inflation rate of 2.5% to 3.5% and headline inflation of 4.5% and 5.5% for 2022. One in ten would ask for a lesser increment of 2% or less, while a quarter would ask for 5.1% to 10% (24%). One in seven would request a more aggressive increment exceeding 10% (14%), with men significantly more likely to do so (17%). A final one in five are unsure (18%).
As for reasons why workers would not seek higher pay, a majority said this was because they were not hopeful their employer would grant one (67%). Fewer than a quarter said they would stick with their current salary because they are happy with what they are paid (23%), while a final one in five said they have just gotten a raise and thus would not request another (17%).