A majority of employers in Singapore said that they will give bonuses of one month or more to their employees.
This is according to ManpowerGroup’s Employment Outlook Survey, published on January 5, 2023.
Of the 510 employers surveyed by the study, 88% said that they plan to award bonuses equivalent to one month or more in 2023, 7% higher than last year.
This will be felt the most in the financial and real estate sector, as 95% of employers responded are expected to be more generous with bonus payouts in 2023. This is followed by 94% of employers in the transport, logistics and automotive sector.
“With inflation increasing the costs of living, candidates are increasingly prioritising salary when considering job offers. Companies are increasing their compensation packages to attract and retain employees, especially in sectors where there is a high demand for manpower or high turnover,” said Linda Teo, Country Manager, ManpowerGroup Singapore, in a press statement.