Has Singapore Recovered from the Impacts of COVID?
Singapore’s path to recovery from the COVID-19 pandemic is back on track after a strong economic rebound in 2021! Salary increments and bonuses are projected to recover in 2022 after suffering last year as companies looked to preserve cash flow and put a hold on expansion plans.
Our Singapore Salary Guide looks into the recovery of the Singapore job market, projected salaries and bonuses, and hot job roles to emerge from the pandemic!
Highlights from the 2022 Singapore Salary Guide:
- Singapore’s economy performed strongly in 2021, recouping from losses of the previous year as people began to adapt to COVID and businesses’ confidence rebounded. GDP growth reached 15.2% in Q2 of 2021 and 7.1% in Q3, higher than initially anticipated.
- Government support schemes like the SGUnited Jobs and Skills Package (SGUJS), Jobs Growth Incentive (JGI), and Jobs Support Scheme (JSS) have proven to be a success, helping place over 146,000 people in jobs and supporting over 58,000 businesses.
- HR roles are expected to be one of the big winners in 2022 after a very challenging 2021 and HR professionals can expect a 4-10% salary increment if they stay in their current role and 10-16% if they move jobs.
- Spurred by high demand and talent shortages in the IT and Life Science functions, businesses are paying a premium to attract the best talent with working professionals expecting salary increments of 15-34% if they change jobs.
- As Singapore takes a “living with COVID” approach, the Lion City’s high vaccination rate of over 90% has placed the city on track to open up to international travel, crucial for its role as an important global trade hub.
Download the 2022 Singapore Salary Guide for Free Now!
Interested in knowing more about the latest work trends in Singapore? Download our salary guide for free to learn more about how Singapore’s market performed, how the government is supporting businesses and the overview and outlook for different job functions.
Need help finding the best talent in Singapore? Learn how our award-winning recruitment services can help!
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Links International is an industry leader in innovative HR outsourcing with services such as payroll outsourcing in Singapore, visa application, PEO/EOR Secondment, outplacement, recruitment and more! Contact us for more information on how we can help leverage your HR function.