About 53% of Singapore employees do not intend to ask for a pay raise in the next year — with a majority (67%) saying they were not hopeful of their employers granting it.
Close to half of employees surveyed in Singapore say they intend to request a pay raise in the next year, a newly-published survey by YouGov has revealed.
In particular, 47% of the employees indicated so. Among age groups, the numbers stood at 61% for those aged 25 to 34; while older generations aged 45-54 and 55+ were significantly more likely to express the 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+).
Meanwhile, about half (52%) of the respondents in the youngest age group — 18-24 — intend to request a pay increment.
Per the survey, which involved 19,673 respondents across 18 territories (including 13,216 who work) in February 2022, the overall numbers in Singapore are consistent with the global average (47%). And looking at individual markets, respondents in the United Arab Emirates (65%), India (56%), and Indonesia (53%) were most likely to request a pay raise, while employees in France (18%), Germany (16%), and Spain (14%) were least likely to.
How much of a pay raise are employees looking for?
Among the respondents in Singapore who do intend to request a pay increment, one-third plan to ask for between 2.1% to 5%, closely in line with the country's forecasted core inflation rate of 2.5% to 3.5% and headline inflation of 4.5% and 5.5% for 2022, the survey noted.
At the same time, one in 10 would request a smaller increment of 2% or less, while a quarter would request 5.1% to 10%; and about 14% of respondents are looking for much higher increments exceeding 10%, with men significantly more likely to do so (17%).
Why would some employees not request a pay raise?
On the other end of the spectrum, a remaining 53% of employees in Singapore say they do not intend to ask for a pay raise in the next year — with a majority (67%) saying they were not hopeful of their employers granting it.
Further, less than a quarter say they are happy with what they are paid (23%) and would thus stick with it, while finally, one in five have recently received a pay raise and are not looking to request another (17%).
A total of 1,040 respondents were in Singapore, of which 804 are working; the breakdown of respondents by age group is as follows:
- 18-24: 70
- 25-34: 180
- 35-44: 188
- 45-54: 164
- 55+: 202
Photo / Provided