Employee Rewards and Benefits News
Wage expectations high in Singapore
The next round of recommendations by the National Wages Council (NWC) in Singapore is believed to be weighed down by cautious optimism, according to a number of experts.
It was revealed earlier this month that salary increments are expected to hit three to four per cent, though workers have been advised to manage expectations as wage hikes are only awarded by companies that can afford to make these changes.
Executive vice-president of Asia-Pacific at Right Management Ronnie Tan said that most businesses are looking at the second half of the year with trepidation, adding: "I think the larger economies seem positive, but until consumers start spending, the real solid recovery is going to be a question of timing."
Despite this, a level of employee reward has been emphasised by the NWC, which said that employers ought to reward workers for standing by their firm during the bad times of the recession.
The National Trade Union Congress in Singapore recently revealed that more men are quitting their jobs in their 50s, years ahead of the state retirement age of 62.
Posted by Jo Morgan
