Singapore Pay Rises Cautious: Bestar HR Consulting

Singapore Pay Rises Cautious: Bestar HR Consulting

Firms adopting cautious approach to pay rises in 2025: Bestar HR Consulting

Bestar HR Consulting firm in Singapore has reported that companies are adopting a cautious approach to pay rises in 2025. This is due to a combination of factors, including:

• Economic uncertainty: The global economic outlook is uncertain, and companies are hesitant to commit to large salary increases.

• Inflation: Inflation has been rising in recent years, eating into the value of pay raises.

• Talent shortage: There is a shortage of skilled workers in some sectors, which could lead to companies competing for talent by offering higher salaries.

As a result of these factors, Bestar is predicting that salary increases in Singapore will be modest in 2025. The firm is even predicting that there will be no salary increases for some employees.

Here are some of the key findings from recent Bestar HR survey:

• Employers in Singapore are expected to offer a 2 per cent to 5 per cent increase in employees' salaries, lagging behind places such as Indonesia and Thailand.   

These findings suggest that companies in Singapore are taking a cautious approach to pay rises in 2025. However, there is still some variation between sectors. For example, companies in the technology sector are more likely to offer higher pay rises than companies in other sectors.

It is important to note that these are just predictions, and the actual salary increases that employees receive may vary. Employees should be prepared for modest pay rises in 2025, and they should also be aware of the factors that could affect their salary.

Bestar HR Consulting

Bestar HR Consulting can help your organization in several ways. They offer a range of HR and payroll services, including:

HR and Payroll Outsourcing:

• Payroll Management: They can manage your payroll process, including calculating salaries, processing taxes, and making payments.

• HR Management: They can handle various HR tasks, such as employee onboarding, offboarding, performance management, and employee relations.

• HR Compliance: They can help you ensure compliance with Singapore's labor laws and regulations.

HR Advisory and Compliance:

• HR Advisory: They can provide advice on HR best practices, such as recruitment, retention, and employee engagement.

• HR Compliance: They can help you develop and implement HR policies and procedures that comply with Singapore's labor laws and regulations.

Employment Pass Services:

• EP Application: They can assist with the application process for Employment Passes for foreign employees.

Other Services:

• Financial Audit and Assurance Services

• Singapore Corporate Support Services

• Singapore Tax Advisory & Compliance

• GST Compliance Solutions

• Business Advisory and Consulting

By outsourcing your HR and payroll functions to Bestar, you can:

• Reduce Costs: Save on the cost of hiring and managing an in-house HR team.

• Improve Efficiency: Benefit from Bestar's expertise and experience in HR and payroll.

• Ensure Compliance: Avoid penalties and legal issues by staying compliant with Singapore's labor laws.

• Focus on Your Core Business: Free up your time to focus on your core business activities.

If you are looking for a reliable and professional HR and payroll services provider in Singapore, Bestar is a great option.

Singapore Pay Rises Cautious: Bestar HR Consulting

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