According to the Straits Times, tech sector wages in Singapore are set to soar over the next two years amid a hiring boom, particularly in finance. Recruitment agencies are planning salary increases of 15% to 30% over the next two years, from around 10% to 15%, the Straits Times reported on Tuesday. This is expected amid a hiring boom as companies work on their digital transformation, Randstad’s Clarence Quek told ST. Chinese startups and tech companies growing in Singapore are also competing for tech talent, according to the newspaper.
Quek sees salaries rise 25% to 30% amid demand for data analysts, data engineers, back-end developers and UI designers, he told the Straits Times. .
In addition, every tech candidate in Singapore and other major economies receives two or three job offers, Michael Page Singapore’s managing director, Nilay Khandelwal, told ST – although he also said the macroeconomic situation was becoming more delicate and employers were more cautious than they were a few months ago.
Last week, the chief executive of the Monetary Authority of Singapore, Ravi Menon, said there could be more than 9,400 new job opportunities for permanent positions in the financial sector this year, including more than 3 000 in technology.
According to another report by the Straits Times, most Singaporean workers in different sectors saw their wages rise last year, but inflation has tempered some of the gains.
The Singapore Business Federation said concerted action is needed to meet the labor needs of service industries. The business federation, in a labor policy document, recommended nine action steps to meet the labor needs of the lifestyle services, environmental services and Asset and Facility Management (EFM) services. The guidance document outlines ways in which key stakeholders, including business, trade associations and chambers (TACs), government agencies, trade unions and post-secondary education institutions (PSEIs), can work together in partnership to address the workforce challenges facing services. Industries.
“The reopening of borders and the resumption of tourism, social and commercial activities are an opportunity for companies in the service industries to expand and take advantage of the resurgence in demand for growth. Over the past two years, businesses in food services, retail, hospitality, nightlife, waste management, cleaning, security, landscaping and “Other facility maintenance services have weathered the pandemic by pivoting their operations and continuing their digitization and transformation efforts, and are positioned to emerge,” the Federation of Singapore Businesses said.
Meanwhile, Singapore has launched a project to investigate potential uses for asset tokenization as the city-state seeks to establish itself as a hub for decentralized finance following the departure of several key crypto players.
Project Guardian, a collaboration between the Monetary Authority of Singapore and the financial industry, will test the feasibility of asset tokenization and decentralized finance (DeFi) applications while working to manage risks to stability and financial integrity, according to a Tuesday statement from Deputy Prime Minister Heng Swee Keat.