Salary gap widens in Singapore
By Yasmine Yahya, Channel NewsAsia |
Posted: 08 December 2009 1644 hrs
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Singapore's night skyline
SINGAPORE: The salary gap between managers and their
clerical staff widened slightly this year, as a scarcity of senior
management talent outweighed the impact of the global financial
crisis.
A report by global management consultancy Hay Group found that
managers in Singapore now earn five times more than clerical staff,
compared to 4.9 times a year ago.
Hay Group said the shortage of management talent in many economies
has pushed up salaries at the top end, while the less
internationally-mobile clerical staff are paid in line with local
market rates.
The survey also found that Singapore's managers now have the third
highest level of disposable income in Asia, coming below Hong Kong
and Thai managers.
Hay Group said that proactive government measures, such as the Jobs
Credit Scheme, helped to limit the pay gap in Singapore.
It added that the pay gap increase in Singapore is relatively
small, compared to neighbouring countries like Hong Kong, India,
Indonesia, and Thailand that have seen significantly bigger jumps
in the pay gap in the past four years.