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Singapore's Median Salary Projected to Increase by 4.0% in 2024, Led by Tech Sector Surge

Written by: Aayudh Sen



The median salary in Singapore is projected to increase by 4.0% in 2024, maintaining the same level of growth seen in 2023, according to a report by global professional services firm Aon plc. In comparison to other Southeast Asian countries (SEA), Singapore's salaries are anticipated to remain stable in the coming year.


Aon highlighted that the technology sector in Singapore is expected to experience the highest increase in median salary, with a forecasted growth rate of 4.5%.


Across SEA, specifically in Singapore, Malaysia, and the Philippines, Aon's findings revealed that more than half of the roles surveyed witnessed salary increases surpassing inflation rates. Notably, in Singapore and the Philippines, 71.7% of salary increases outpaced inflation.


Alina Cheng, Head of Data Solutions, Southeast Asia for Talent Solutions at Aon, commented on the economic dynamics in Southeast Asia, stating, "Southeast Asia has long been a hotbed of economic growth, attracting talent from across the globe. As it confronts the prospect of a looming recession, the dynamics of salary increases, turnover, and workforce stability take on greater significance."


Cheng emphasised the challenges faced by businesses in the current economic climate, noting that merely increasing salaries may not be sustainable. She suggested that organisations adopt a holistic total rewards strategy grounded in data and analytics to ensure they attract and retain the right talent while building a resilient workforce.


"In these challenging times, simply increasing salaries is unsustainable for firms as they look to manage profitability and people costs amongst other factors. Having a holistic total rewards strategy based on data and analytics will therefore ensure organisations will attract and retain the right talent and continue to build a resilient workforce," Cheng added.


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