Rising living costs will push 48.95% of Singaporeans to ask for a pay raise, according to a survey by Indeed.
Meanwhile 47.25% of employees will search for a higher paying job in 2023, the survey found.
“Inflation is clearly a worry for most workers, and our research suggests they will push for higher compensation, with a significant number thinking about changing jobs in pursuit of a bigger pay cheque,” said Nishita Lalvani, marketing director for Indeed in India and Southeast Asia in a press statement.
More than a third of employees, at 34%, believe that a new job offer or promotion would net them a better salary. Meanwhile 41% said that a promotion, or a new opportunity will come their way, and 25% believe that neither will happen to them.
Nevertheless, 40% of employees believe that companies will continue to show strong demand for new employees.
The demand for higher salary is in light of 64% of Singaporeans’ expectation that their financial situation will deteriorate in 2023, with 72% concerned about rising prices. An overwhelming 77.4% are ready to cut their expenses if they don’t receive a salary increase.
The survey had a respondent pool of over 1,000 workers across the Lion City.
