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Technology-sector salaries in Singapore are set to soar in the next couple of years amid a hiring boom particularly in finance, according to the Straits Times. Recruitment agencies see pay rises of 15% to 30% in the next one to two years, up from about 10% to 15%, the Straits Times reported on Tuesday. That’s expected amid a hiring boom as companies work on their digital transformation, Randstad’s Clarence Quek told the ST. Startups and Chinese tech firms expanding in Singapore are also competing for tech talent, the paper said.

Quek sees salaries rising 25% to 30% amid demand for data analysts, data engineers, back-end developers and user interface designers, he told the Straits Times.

In addition, every technology candidate in Singapore and other major economies is getting two or three job offers, Managing Director of Michael Page Singapore Nilay Khandelwal told the ST -- though he also said that the macroeconomic situation is getting trickier and employers are more cautious than they were a couple of months ago.

Last week, Monetary Authority of Singapore Managing Director Ravi Menon said there may be more than 9,400 new hiring opportunities for permanent roles in the financial sector this year, with more than 3,000 in the area of technology.

According to another Straits Times report, most workers in Singapore across different industries saw pay hikes last year, but inflation tempered some of the gains. 

The Singapore Business Federation has said that concerted actions are needed to support manpower needs of services industries.  The business federation in a manpower policy paper has recommended nine action steps to support the manpower needs of the lifestyle services, environmental services, and estate & facilities management(EFM) services industries. The policy paper outlines ways in which key stakeholders, including businesses, trade associations and chambers (TACs), government agencies, unions, and post-secondary educational institutions (PSEIs), can work together in partnership to address the manpower challenges faced by the services industries.

“The re-opening of borders and resumption of tourism, social, and business activities is an opportunity for companies in the Services industries to scale up and tap on the demand resurgence for growth. Over the past two years, businesses in food services, retail, hotels, nightlife, waste management, cleaning, security, landscaping, and other facilities upkeep services have weathered the pandemic by pivoting their operations and pressing on with digitalisation and transformation efforts, and are positioned to emerge," the Singapore Business Federation said. 

Meanwhile, Singapore has begun a project to investigate potential uses of asset tokenization as the city state looks to establish itself as a hub for decentralized finance after several key crypto players left.

“Project Guardian," a collaboration between the Monetary Authority of Singapore and the finance industry, will test the feasibility of applications in asset tokenization and decentralized finance (DeFi) while working to manage risks to financial stability and integrity, according to a statement from Deputy Prime Minister Heng Swee Keat on Tuesday.




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