Here are the latest news, insights, and HR updates from the past month in Singapore.
⭐ Singapore is one of the top APAC countries hiring remote workers: report
Singapore is one of the top countries in Asia Pacific hiring remote workers, alongside Australia and India.
According to Deen Labs’s State of Global Hiring Report, Singaporean companies mostly hire software engineers and developers, virtual assistants, content writers, and workers who belong to business development and sales.
The top five countries Singapore organisations hire from are Indonesia, China, Vietnam, the UK, and India.
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⭐ Employers take note: Singapore boosting screening of foreign candidates
Employers planning to hire foreign workers will be asked to provide documents of their candidates' educational qualifications starting in September.
The new requirement will be part of Singapore's upcoming Complementarity Assessment Framework (COMPASS), where EP applications will be scored based on four foundational criteria, with those reaching 40 points to see their applications approved.
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⭐ Salaries to increase anew in 2023, says 7 in 10 employers
In 2022, 61% of employers increased salaries to retain their existing staff.
More than 75% of employers in Singapore believe salaries will increase anew in 2023.
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⭐ Singapore to hike wages of food services workers in March
About 41,000 food services workers in Singapore will see their wages increase over the next three years starting March 1, according to the Ministry of Manpower (MOM).
Under the accepted recommendations, workers for quick-service food establishments and supermarkets with ready-to-eat food stations will see their wages rise to at least $1,750 starting March 1.
It will increase to at least $1,915 in March 2024, before further rising to at least $2,080 in March 2025.
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⭐ Majority of employees still looking to change jobs amidst pay hike
More than six in 10 (64%) of employees are still looking to transfer to other jobs in the first half of 2023.
Top reasons for this is higher salary (43%), followed by better career growth and development opportunities (18%).
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⭐ Two-thirds of Singapore employers offering higher-than-expected salaries
Two-thirds (67%) of employers in Singapore are having to offer higher-than-expected salaries to attract new employees.
That’s according to a new survey by Morgan McKinley that also found 61% of employers have had to increase salaries to retain existing staff in the last year. Furthermore, 75% of employers in Singapore think that salaries in their specific sector will rise in 2023, with a third (33%) planning on increasing base salaries across all teams.
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⭐ More job opportunities available for fresh graduates in Singapore
More fresh university graduates in Singapore are securing full-time jobs and earning more than peers who have joined the workforce earlier.
In 2022, 87.5% of fresh graduates in the workforce secured full-time permanent roles, compared to 84% in 2021. The median gross monthly salary for fresh graduates in full-time permanent jobs also increased from S$3,800 in 2021 to S$4,200 in 2022.
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⭐ Singapore to double paternity leave
Paternity leave in Singapore will be doubled to four weeks as part of the government's commitment to support parents in their work-life balance.
Fathers of Singaporean children who are born on or after Jan. 1, 2024, will be able to avail this expanded leave.
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⭐ Budget 2023: The new enterprise innovation scheme
Deputy prime minister and minister of finance, Lawrence Wong unveiled the 2023 Singapore National Budget, and said that ensuring business resiliency, workforce productivity and competitiveness are instrumental in Singapore’s journey to rise to the challenges of an uncertain year ahead.
From Year of Assessment, 2024, businesses that engage in research and development (R&D) will be able to claim up to 400% tax deduction under the new Enterprise Innovation Scheme.
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