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Substantial pay rise seen here
Thu, Jul 01, 2010
my paper
EMPLOYEES in Singapore can look forward to substantial increases in wages this year as the country is now expected to be the fastest growing economy in Asia this year, according to banking giant Credit Suisse.
The Swiss-based firm yesterday predicted a 6 per cent increase in wages for Singapore companies this year, versus projected top-line and net-earnings growth of 11 per cent and 15 per cent respectively.
This projection comes with the bank's upgraded growth forecast for Singapore's economy this year, from 9.2 per cent to 10 per cent.
DBS yesterday also revised its estimate for local gross domestic product (GDP) growth to hit 13 per cent, up from 10.3 per cent, and said that the limelight will once again be on the manufacturing sector.
With such strong levels of growth, experts said the labour market outlook is, in turn, bright.
Credit Suisse noted that, while the job growth rate is expected to slow, the figure will still be positive and salaries will keep rising.
"Singapore's unemployment rate has already recovered to pre-crisis levels," said the bank.
"Hiring activities continue to be robust and, hence, the labour market is expected to remain tight."
The bank added that continual improvement in demand and corporate revenue have led to more firms reinstating salary cuts made during the downturn, and even raising wages.
http://business.asiaone.com/Business/News/Office/Story/A1Story20100701-224656.html
Thu, Jul 01, 2010
my paper
EMPLOYEES in Singapore can look forward to substantial increases in wages this year as the country is now expected to be the fastest growing economy in Asia this year, according to banking giant Credit Suisse.
The Swiss-based firm yesterday predicted a 6 per cent increase in wages for Singapore companies this year, versus projected top-line and net-earnings growth of 11 per cent and 15 per cent respectively.
This projection comes with the bank's upgraded growth forecast for Singapore's economy this year, from 9.2 per cent to 10 per cent.
DBS yesterday also revised its estimate for local gross domestic product (GDP) growth to hit 13 per cent, up from 10.3 per cent, and said that the limelight will once again be on the manufacturing sector.
With such strong levels of growth, experts said the labour market outlook is, in turn, bright.
Credit Suisse noted that, while the job growth rate is expected to slow, the figure will still be positive and salaries will keep rising.
"Singapore's unemployment rate has already recovered to pre-crisis levels," said the bank.
"Hiring activities continue to be robust and, hence, the labour market is expected to remain tight."
The bank added that continual improvement in demand and corporate revenue have led to more firms reinstating salary cuts made during the downturn, and even raising wages.
http://business.asiaone.com/Business/News/Office/Story/A1Story20100701-224656.html
