Companies may further tighten employee salaries amid sluggish wage growth—HR expert warns

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Adding to the wage stagnation is the trend of companies relocating their headquarters to countries with lower operational costs

SINGAPORE: On the back of the Ministry of Manpower’s announcement this week that the actual wage growth in Singapore has been at a low level in the past few years, with an increase of only 0.4% in the past two years, a human resource expert has warned that companies may tighten employee salaries amidst geopolitical tensions.

The current global economic landscape, marked by uncertainties such as geopolitical conflicts and the ongoing impact of climate change, is influencing corporate decisions on wage adjustments. .

 

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