More firms are giving out bigger bonuses and increments in 2024/2025
89% of employers plan to award bonuses averaging more than 1 month in 2024/2025.
Employers in the Energy and Utilities sector are intending to give out the most bonuses going into 2025, with 100% of those surveyed planning to give out at least 1 month and more.
4 in 5 employers (82%) plan to increase salaries by 3% or more in 2024/2025.
Employers in the Transport, Logistics, and Automotive sector expect to give out the most increments going into 2025, with 91% looking to increase salaries by 3% or more in 2024/2025.
SINGAPORE (2 DECEMBER 2024) – Employers in Singapore intend to give out bigger bonuses and salary increments, despite the uncertain economic landscape reveals ManpowerGroup’s latest survey on salary and bonus plans.
Out of the 525 employers in Singapore surveyed about their salary and bonus plans for 2024 going into 2025,89% of employers plan to award bonuses averaging more than one month in 2024/2025 — an increase of 5% when compared to 2023/2024(84%).
When it comes to salary increments, more than 4 in 5 employers (82%) in Singapore plan to increase salaries by 3% or more in 2024/2025, setting aside factors such as industry, company performance, economic outlook, and individual performance.
“Amid higher inflation, employers are calibrating their compensation strategy to help employees cope with the higher cost of living as well as to remain competitive in attracting and retaining talent. Even while the global economy remains uncertain, many companies are still awarding bonuses to acknowledge employees' efforts throughout the year,” comments Ms. Linda Teo, Country Manager of ManpowerGroup Singapore.
KEY FINDINGS ON BONUSES
More employers are giving bigger bonuses more than one month: 35% of those surveyed plan to dispense between one to one and a half months of bonus in 2024/2025, while 12% look to distribute more than one and a half months of bonus. The figures increased by 8% and 5% respectively when compared to 2023/2024.
Fewer employers awarding smaller bonuses of one month or less: 42% of employers intend to award one and a half months of bonus, while 11% report they will be awarding bonuses of less than 1 month — a decrease of 8% and 5% respectively when compared to 2023/2024.
Sectors giving out the most bonuses: Employers in the Energy and Utilities sector plan to give out the most bonuses going into 2025, with 100% of those surveyed planning to give out at least 1 month and more. Followed by the Transport, Logistics, and Automotive sector (98%), and Communication Services sector (94%).
KEY FINDINGS ON SALARY INCREMENTS
More employers are giving bigger increments of 5% or more: 20% expect to increase salaries by between 5% to 7% in 2024/2025, while 6% plan to increase salaries by more than 7% — an increase of 1% and 3% when compared to 2023/2024.
Fewer employers are giving smaller increments of less than 5%:18% intend to increase salaries by less than 3% in 2024/2025, while 56% of employers look to increase salaries by between 3% to 5% — a decrease of 4% and 1% respectively when compared to 2023/2024.
Sectors with the most increments: Employers in the Transport, Logistics, and Automotive sector expect to give out the most increments going into 2025, with 91% of those surveyed planning to increase salaries by 3% or more in 2024/2025. Followed by the Communication Services sector (90%) and the Healthcare and Life Sciences sector (87%).
ManpowerGroup surveyed 525 employers in Singapore on their 2024/2025 salary and bonus plans. The survey was conducted alongside the Q1 2025 ManpowerGroup Employment Outlook Survey which will be released on 10 December 2024.The results of the Q1 2025 ManpowerGroup Employment Outlook Survey can be viewed here on 10 December 2024: www.manpowergroup.com.sg/meos.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding salary and bonus in certain regions, countries, industries, and economic uncertainty. Actual events or results may differ materially from those contained in the forward-looking statements due to risks, uncertainties and assumptions. These factors include those found in the Company's reports filed with the SEC, including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2023, which information is incorporated herein by reference. ManpowerGroup disclaims any obligation to update any forward-looking or other statements in this release, except as required by law.
ABOUT MANPOWERGROUP SINGAPORE
Established in 1995 in Singapore, ManpowerGroup works with a range of manufacturing, resources, mining, transport and logistics, government, blue chip investment and retail banks, IT vendors and outsourcers, telecoms service providers and infrastructure, utilities and engineering services companies. In Singapore, the ManpowerGroup suite of solutions is offered through Manpower®, and Talent Solutions. More information on ManpowerGroup Singapore is available at: www.manpowergroup.com.sg
ABOUT MANPOWERGROUP
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 75 countries and territories and has done so for more than 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2024 ManpowerGroup was named one of the World's Most Ethical Companies for the 15th time – all confirming our position as the brand of choice for in-demand talent.