Singapore 2025 wage growth lowest in Southeast Asia, but edges out Hong Kong: study
The Salary Increase and Turnover Survey reveals that wages in the city state grew by 4.3 per cent this year, versus Hong Kong’s 3.9 per cent
Professional services firm Aon released its annual Salary Increase and Turnover Survey on Wednesday, based on data collected from more than 700 companies in the region including Indonesia, Malaysia and the Philippines.
The study found that the average percentage growth across the region was 5.4, with Vietnam having the highest percentage growth at 7.7.
Singapore’s 4.3 per cent mark, which does not take inflation into account, is slightly higher than the 2024 figure of 4.2 per cent and 4.0 per cent for 2023 that previous editions of the survey found.
More companies in Singapore this year said they would not hire more people, according to the study. About two-thirds of companies said they expected headcount projection for the year to remain flat, up from just over half in 2024. The survey received responses from 590 companies in Singapore, with some being MNCs.
About 21 per cent of companies this year said they expected expansion of between 5 and 20 per cent, while the remaining 13 per cent said they were anticipating a contraction of under 5 per cent.