According to an employment survey by recruitment firm Hudson, only 16% of the survey respondents said that they want to stay in their current job. 29% said they are actively seeking a new job while 55% are open to other offers. Regarding salaries, most Singaporeans believe they are under-paid and about 90% expect a pay raise next year. Among those who expect a pay rise, most of them (72%) expect a pay raise of more than 6%.
However a pay raise will only retain 40% of them and 14% are bent on leaving their company no matter how much their employer is giving. Over at the employer side, hiring expectation is now weaken with hiring expectations at its all-time-low of about 22% since 2009.
The survey response coincides with the bleak employment situation in Singapore where real wages have been largely stagnant in the past decade. Cost of living is also likely to increase substantially further following new taxes by the ruling party government e.g. 30% water price hike, raise in public transport fares, raise in electricity tariffs and raise in cross border road tariffs affecting Malaysian import.
In the employment report by the Ministry of Manpower released today (May 30), wage growth has fallen 1.8% in 2016 compared to 2015. The number of profitable business has also declined 3% to only 76% in 2016.