Survey finds only 37% of S’pore workers satisfied with their salary, younger employees less likely to tolerate low pay

37% of Singapore workers reported satisfaction with current salary, among lowest in Asia-Pacific

A survey released on Monday (25 May) revealed that only 37% of Singapore workers feel satisfied with their salary, even though most think they are paid fairly.

The findings also showed that younger workers are less likely to tolerate a poor pay outcome, unlike the older generation, who may prioritise stability.

It even found that those who moved companies were more likely to get a substantial salary increase.

Differences in dealing with perceived pay satisfaction

Jobstreet by SEEK’s Salary Pulse survey for Singapore gathered responses from 1,008 workers aged 18 to 64.

The report found that 71% of workers in Singapore felt that they were paid fairly.

Despite this, only 37% of the workers were happy with their current salary. 27% of respondents felt either extremely or somewhat unhappy, while 36% gave a neutral response.

Gen Z workers drove this trend, with eight in 10 respondents reporting fair pay but feeling unsatisfied.

Singapore salary satisfaction among lowest in Asia-Pacific, Indonesia highest

Jobstreet by SEEK reported that salary happiness came from feeling meaningfully rewarded, and not just fair pay.

One Gen X respondent felt their pay is fair compared to their friends. However, inflation and the lack of increments are what make them unhappy.

Singapore ranks among the lowest in the Asia-Pacific (APAC) region, with a salary satisfaction of 37%.

Indonesia topped the chart with a 66% satisfaction rate, while the Philippines had 59% of respondents content.

Unsurprisingly, the report found that salary satisfaction greatly boosted worker happiness and made them 3.7 times more likely to put in extra effort.

Workers who switched companies five times more likely to get pay raise of over 10%

According to the survey, the younger the worker, the less likely it was for them to accept an inadequate or rejected pay raise.

Only 8% of Gen Z respondents would let the matter slide. This is compared to 13% for Millennials, 22% for Gen X, and 36% for Baby Boomers.

Younger workers had a higher likelihood of assessing a change in employer in response to inadequate pay outcomes. Meanwhile, older workers prioritised security and stability at their job.

87% of workers in Singapore received their latest pay increase from their current employer, compared to just 7% from changing employers.

However, based on findings, staying loyal to one company potentially limits a substantial salary increase.

30% of employees who changed companies were five times more likely to get a pay raise of over 10% compared to those who stayed.

Expert advises employers to offer other benefits if salary increases not possible

An expert at SEEK urged employers to be transparent about pay decisions and properly update job expectations.

Furthermore, they stated that employers could offer benefits such as flexible work arrangements or accelerated career pathways when salary increases weren’t possible.

For employees, the expert told them to know their worth and benchmark it, as well as to speak up early regarding pay raises or benefits.

Also read: S’poreans discuss when it’s time to leave a job, many say when there’s burnout or salary stagnation

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Featured image adapted from charliepix on Canva, for illustration purposes only, and by MS News.