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.
Survey Overview
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:
- 89% plan to award bonuses averaging more than one month in 2024/2025 — an increase of 5% compared to 2023/2024 (84%).
- 82% plan to increase salaries by 3% or more in 2024/2025.
“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,”
– Ms. Linda Teo, Country Manager of ManpowerGroup Singapore
Key Findings on Bonuses
- More employers are giving bigger bonuses:
- 35% plan to give between 1 to 1.5 months of bonus in 2024/2025
- 12% plan to give more than 1.5 months of bonus
- Fewer employers awarding smaller bonuses:
- 42% intend to award 1 month of bonus
- 11% will award less than 1 month — a decrease of 5% from 2023/2024
- Sectors giving out the most bonuses:
- Energy and Utilities (100%)
- Transport, Logistics, and Automotive (98%)
- Communication Services (94%)
Key Findings on Salary Increments
- More employers are giving bigger increments:
- 20% expect to increase salaries by 5% to 7%
- 6% plan to increase salaries by more than 7%
- Fewer employers are giving smaller increments:
- 18% intend to increase salaries by less than 3%
- 56% plan to increase salaries by 3% to 5%
- Sectors with the most increments:
- Transport, Logistics, and Automotive (91%)
- Communication Services (90%)
- Healthcare and Life Sciences (87%)
Survey Methodology
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.
Results will be available at: 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 due to risks, uncertainties, and assumptions. These factors include those found in the Company's reports filed with the SEC. ManpowerGroup disclaims any obligation to update any forward-looking statements, except as required by law.
About ManpowerGroup Singapore
Established in 1995, ManpowerGroup Singapore works with a range of industries including manufacturing, logistics, banking, IT, telecoms, and engineering. Services are offered through Manpower® and Talent Solutions.
More info: www.manpowergroup.com.sg
About ManpowerGroup
ManpowerGroup® (NYSE: MAN) is a global workforce solutions company helping organizations transform by sourcing, assessing, developing, and managing talent. With operations in over 75 countries, it provides employment for millions and is recognized for its diversity and ethics.
