Companies in Singapore are adjusting salaries and beefing up mental health benefits, bonuses, flexible working policies and more.
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In a normal year, lawyers at one of Singapore’s top four local law firms could expect to receive an annual increment of between 10% and 15%.
The company said employees would get a larger increment this year, one former employee told CNBC. His salary jumped by 40% and the increase was not tied to a promotion, the person said.
That law firm isn’t the only company in Singapore adjusting compensation packages in a hot labor market.
Southeast Asia’s largest lender DBS told CNBC it increased salaries across the bank in mid-2021. Accounting company KPMG announced in May that the firm will spend 25 million Singapore dollars ($18.23 million) on salary increments.
Singapore Press Holdings Media Trust, a news and media publisher, also said it recently conducted a salary review to bring remuneration in line with market levels.
On the global front, tech giants Microsoft and Amazon have said they will increase salaries of their employees.
Average increments have been significantly higher this year, and companies are paying a premium to attract and retain workers especially if talent is scarce in an industry, said Cynthia Ang, an executive director at recruitment firm Kerry Consulting.
Companies in Singapore are also making other adjustments to employee benefits in the form of mental health support, bonuses,...
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