Median salary increase budgets are forecasted across industries in SG at 4.7% for year 2023. Survey also further revealed that salary increases in 2023 varied across industries across the region, with the retail industry having the highest increases of 6.5%, followed by technology and life sciences at 6.1% and financial institutions with 5.9%.
The ongoing technology and digital skills shortage across the region resulted in higher year on year increases in salaries and total compensation for technology and data analytics roles compared to others. The rise of fintech and digital banks in SG , 4 licenses holder including Alibaba has also seen roles in areas such as risk, compliance and talent acquisition in demand.
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