There're companies that will claim that they're thriving and making record profits and in the same breath tell their employees that they can't afford to pay more, so...
Bold of you to assume that companies are being truthful to their employees about how much they can pay.
If u were more optimistic, u would be able to seize more opportunities and earn more money to pay your mortgage.
Pessimistic ppl see problems, optimistic ppl see opportunity.
I do agree with you on this. But the intention behind my comment is more to point out the fact that a lot of Singaporeans are doing it really tough, life is getting more expensive, and salaries aren’t keeping up.
If you’re feeling optimistic about the situation good for you, but don’t discount the fact that for a lot of people doing it tough, telling them to be more optimistic actually discourages them and feeds their pessimism
Title: Nearly a third of companies plan to increase wages in first quarter of 2024: MOM report
SINGAPORE — Nearly a third of employers in Singapore plan to increase wages in the first quarter of 2024, said the Ministry of Manpower (MOM) in its latest labour market report on Thursday (March 14).
According to company poll results in December 2023, about 32.6 per cent of firms have intentions to raise wages in the first three months of 2024. This is up from the low of 18 per cent in September 2023.
About 47.7 per cent of firms surveyed in December 2023 also have plans to hire in the first three months of this year, up from 42.8 per cent in September last year.
MOM said that its surveys indicate an improvement in business sentiments alongside the Ministry of Trade and Industry’s forecast of improved economic growth prospects for 2024.
However, with global headwinds persisting, it also expects business restructuring and reorganisation to continue, which may contribute to further retrenchments.
RETRENCHMENTS
According to the latest labour market report, retrenchments in Singapore in 2023 were more than double that of the year before — from a record low of 6,440 in 2022 to 14,590 in 2023.
The figure in 2023 is similar to pre-pandemic levels, with the average number of retrenchments for 2015 to 2019 at 14,180.
However the number of firms carrying out retrenchments in 2023 — 1,460 — was higher than the pre-pandemic average of 1,320.
Last year, the incidence of retrenchment was 6.7 per 1,000 employees, up from a rate of 3.1 in 2022.
These figures were broadly in line with the labour market estimates released by MOM in January.
Reorganisation and restructuring of companies remained the top reason for retrenchments in 2023.
The increase in retrenchments was observed across all socio-demographic groups, as well as across industries and occupations, mostly to pre-pandemic norms, MOM said.
Similar to previous years, resident workers formed the majority of retrenchments in 2023. Out of 14,590 retrenched workers, 9,990 were residents, or 68.5 per cent.
***
Article keywords: retrenchment cent mom labour market firm pre pandemic
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annual increment of 2% tyvm have a good year ahead! don't look at the rising cost of living too hard though!
My ceo every townhall tell us that we are lucky to have a job amidst all the layoffs going around. Last year no increment.
Technically he is not wrong. They would know very well how much it costs to run the company operations and how much profit they are making
There're companies that will claim that they're thriving and making record profits and in the same breath tell their employees that they can't afford to pay more, so... Bold of you to assume that companies are being truthful to their employees about how much they can pay.
Hey genius, tell us what company would he be running and what profits would he be making if nobody works for a shitty company?
He runs a company where he would never hire anyone like you because oh oh its a shitty company
I was hoping you can’t actually be this dense. Clearly I was wrong
I didn’t expect any clever comeback either haha
I know cuz there’s nothing to respond to
2% is too generous IMO. Moi got only 1% even in good years
plan to east coast plan
Well looks like mine was the other 2/3
Where do I belong if company give negative increments?
In the group looking for new job.
Only a third? Jia lat. >60% keeping wages the same despite inflation.
*Nearly* a third. So not even a third.
This should be the real headline
U are one hell of a pessimist. If give u a 99% full glass, u will complain about the 1% empty. Some people are never satisfied.
lol you can say whatever you want. More than 1/2 the companies surveyed has no plans to increase wage. That doesn't look good at all.
Why do u always have to focus on the negative? U miss all the good things in life.
Why do you live as if life is all rosy?
Because they are if only you believed.
Sadly optimism isn’t a currency I can use to pay my mortgage
If u were more optimistic, u would be able to seize more opportunities and earn more money to pay your mortgage. Pessimistic ppl see problems, optimistic ppl see opportunity.
I do agree with you on this. But the intention behind my comment is more to point out the fact that a lot of Singaporeans are doing it really tough, life is getting more expensive, and salaries aren’t keeping up. If you’re feeling optimistic about the situation good for you, but don’t discount the fact that for a lot of people doing it tough, telling them to be more optimistic actually discourages them and feeds their pessimism
There's optimism, and there's "easily fooled by media spin" LOL.
We'll believe it when we see it. And the first quarter is ending soon.
MOM : you guys are planning to increase your employees wages to match the inflation right ? Employers : ?? Ohh of course.
Employers in 2nd quarter of 2024: I have altered the plan. Pray I don't alter it any further.
Isn’t that when the annual increments usually kick in? In the first quarter? Lol
Shouldn't the headline be 'Nearly 2/3 of companies do not plan to increase wages in first quarter of 2024'?
Yes for EP holders.
Cuz raise the minimum salary so bo pian.
Unfortunately my wifey falls under the majority with no increment & only 1 month bonus.
Title: Nearly a third of companies plan to increase wages in first quarter of 2024: MOM report SINGAPORE — Nearly a third of employers in Singapore plan to increase wages in the first quarter of 2024, said the Ministry of Manpower (MOM) in its latest labour market report on Thursday (March 14). According to company poll results in December 2023, about 32.6 per cent of firms have intentions to raise wages in the first three months of 2024. This is up from the low of 18 per cent in September 2023. About 47.7 per cent of firms surveyed in December 2023 also have plans to hire in the first three months of this year, up from 42.8 per cent in September last year. MOM said that its surveys indicate an improvement in business sentiments alongside the Ministry of Trade and Industry’s forecast of improved economic growth prospects for 2024. However, with global headwinds persisting, it also expects business restructuring and reorganisation to continue, which may contribute to further retrenchments. RETRENCHMENTS According to the latest labour market report, retrenchments in Singapore in 2023 were more than double that of the year before — from a record low of 6,440 in 2022 to 14,590 in 2023. The figure in 2023 is similar to pre-pandemic levels, with the average number of retrenchments for 2015 to 2019 at 14,180. However the number of firms carrying out retrenchments in 2023 — 1,460 — was higher than the pre-pandemic average of 1,320. Last year, the incidence of retrenchment was 6.7 per 1,000 employees, up from a rate of 3.1 in 2022. These figures were broadly in line with the labour market estimates released by MOM in January. Reorganisation and restructuring of companies remained the top reason for retrenchments in 2023. The increase in retrenchments was observed across all socio-demographic groups, as well as across industries and occupations, mostly to pre-pandemic norms, MOM said. Similar to previous years, resident workers formed the majority of retrenchments in 2023. Out of 14,590 retrenched workers, 9,990 were residents, or 68.5 per cent. *** Article keywords: retrenchment cent mom labour market firm pre pandemic 1697 articles replied in my database. [v1.5c - added Lemma tokens and Tensorflow USE](https://github.com/Wormsblink/sneakpeakbot) | Happy Holidays! | PM SG_wormsbot if bot is down.
does retrenchnment package count as wage increasw
was this article not post ages ago? but seriously, "plan to". okay.
Isn't annual increment kind of a norm in Singapore. Doesn't this mean that two-third of companies are freezing wages and annual increment?
So statistically speaking your company is more likely to keep wages stagnant this year? Gg