Salary Survey 2009 by Hewitt Associates: Expect (if any) small pay rise!

The good news: despite the bleak economic outlook this year, the salary is still expected to rise! (Employers, please take note. Heh.)

The bad news: the increment is projected about 2.1%? That will be less than half of last year (year 2008, the rise is average of 5%).

The worse news: the subsequent salary survey by Hewitt Associates on June this year is predicted to show an even further falling trend!?

Salaries will still rise this year - but by less than half of last year.

According to the latest survey by human resources firm Hewitt Associates, the average annual salary increment projected for 2009 is 2.1 per cent.

In 2008, wages rose an average of 5 per cent across the same mix of industries.

Among the most affected in the coming months will be those in senior management positions. While their salaries went up 5.1 per cent last year, they can expect only a 1.9 per cent rise this year.

Hewitt surveyed 53 Singapore companies in March to find out how they were managing budgets and reward programmes to maintain their business edge in the economic downturn.

It found projections of wage increments on a downward trend since June last year.

Companies in the hi-tech sector now appear to be the hardest hit, with salaries expected to rise only 1.1 per cent this year, compared to 4.8 per cent last year.

Almost matching last year's pay rise is the energy sector, which comprises petroleum, gas and coal companies.

According to the survey, salaries in this sector are projected to rise 4.1 per cent this year, compared to 5.2 per cent last year.

Hewitt will conduct its next salary survey in June, and it expects the trend to fall even further.

From Straits Times, "Expect small pay rise".

Other related posts on 'Singapore salary increase for year 2009':
- Time to go to work at Venezuela, Argentina or India, huh?
- Smaller pay rises for 2009--this time forecasted by HR Business Solutions
- NTUC secretary-general Lim Swee Say on wage increase projection by Mercer: "Highly unrealistic"
- Salary increases for year 2009 projected