Tech and transformation remained the dominant focus for companies hiring in Singapore. This has driven continued high demand for tech and digital professionals, as well as technologically and digitally savvy talent across all functions. Cyber-security specialists, full-stack developers, data scientists and tech sales representatives are among the top jobs in demand (Robert Walters’ 2020 guide).
Singapore is facing an ongoing talent deficit with 56% of employers having difficulty filling jobs. Finance will account for 24.7% of Level A talent shortages in 2020, which will increase to 28.5% by 2030. Technology will account for 4.9% of total Level A talent shortages in 2030. Singapore will fail to generate $2.74bn from its TMT sector $29.16bn from its financial and business services sector. By 2030, Singapore could lose out on $106.82bn USD that will not be realized due to talent shortages. In terms of the size of its economy, Singapore could fail to grow by 21% by 2030 (Korn Ferry).
Despite many businesses increasing theire investments in technology in order to keep up with market demands for remote working, employers are still expressing concerns about the sheer lack of tech candidates available (Ranstad). Lack of experience, lack of applicants and higher pay expectations are cited as the top drivers of talent shortages in Singapore. The pandemic has only exacerbated this shortage with 22% of respondents in Ranstad’s Singapore’s COVID-19 Labour Pulse Survey reported not looking for a job at the current moment due to poor labor market conditions, and 28% reporting the intention to wait till the pandemic passes before considering a job move.
However, Randstad’s COVID-19 Labour Pulse Survey conducted in July 2020 has found that 86% of respondents are willing to upskill or re-skill in the next 12 months. Companies can take advantage by hiring highly-driven mid-career switchers who have relevant transferable skills sets or even providing reskilling and upskilling programmes for contract employees.
5-15% salary rises are expected for job movers in 2020. For tech professionals staying in a role, 46% expect a 0-6% annual salary increment, 38% expect a 7-15% annual salary increment while 16% expect a 15%+ annual salary increment.
More information about job portals in Singapore can be found here.
More information about recruitment agencies in Singapore can be found here.
for local hires, employer payroll taxes are capped at $1,020 for salaries above $6000.
For CPF, the maximum amount of wage charged for cpf is $6000, and then 30k on additional wage (i.e 12*monthly salary – 6000*12, remaining is now the cap for bonus contribution to cpf contribution.)
Singapore follows a progressive income tax model. Link to income tax.
An employee has to pay compulsory Medisave contribution (health insurance) if their monthly net trade income is more than $500.
Singapore has no minimum wage policy.
Paid monthly, within 7 days of the end of salary period.
13th month salary
For 5 days or less a week: Up to 9 hours per day or 44 hours a week
More than 5 days a week: Up to 8 hours a day or 44 hours a week
Not allowed to work more than 12 hours a day unless:
Up to 72 overtime hours, otherwise apply for exemption.
Payable within 14 days and capped at SGD$13.50/hr:
For non-workman (white collar worker) earning up to $2600: 1.5x of hourly wage
For workman (blue collar worker) earning up to $4500: 1.5x of hourly wage
At employer’s request:
At employee’s request:
11 public holidays can be found here.
Specified in contract. Number of days include Public Holidays, rest, and non-working days.
Severance pay is not mandatory, unless specified in contract and employed for at least 2 years.