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<201%
20-2937%
30-3937%
40-4918%
50-596%
60+1%
Source: Willis Towers Watson 2016 Workforce Analytics Report – Asia Pacific
Source: Economist Corporate Network Report – January 2017; Willis Towers Watson 2016 Salary Budget Planning Report Q3 – Asia Pacific
GDP2.0%
CPI1.0%
Salary Increase(Insurance Industry) $4.5%
Insurance – Singapore2017 Key Insights
Future of work: The digital revolution is redefining the workplace. HR needs to stay agile to keep up with future business model changes.
Technology and analytics: Datadriven insights are a critical tool for identifying and solving workforce issues.
Transparency: Employees want to know how their pay compares to others, and what the future holds for their career and earning potential.
Personalisation: Employees are increasingly seen as consumers, requiring more personalised compensation and benefit options.
Health and wellness: A healthy workforce is more engaged and productive. Investing in health and wellbeing programmes is essential.
1
2
3
4
5
Education level
Economic Outlook
Workforce Demographics – Asia Pacific
2017 HR Trends
Unemployment 2.0%
Employee distribution by age group
Gender distribution
12%Post Graduate
52%Bachelor’s Degree
36%Secondary / DiplomaFemale
Male55%
45%
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Insurance Survey At a glance
Insurance – Singapore Pay Levels and Progression (SGD)
Our powerful, integrated products and solutions take the complexity out of pay and benefit planning so you can attract, retain and engage key talent to grow your business. That’s the Willis Towers Watson difference.
Starting salaries (SGD) by level of qualification
Benefits and HR Policies coverage – Singapore
44
10,692
641Incumbents
Jobs Reported
Participants
Eugene Chong+65 6880 5636
Kar Ning, Ho+65 6880 5607
Willis Towers Watson Data ServicesWillis Towers Watson Data Services is a leading provider of compensation, benefit and employment practice information to the global employer community. Our databases are recognised worldwide as a premier source of current data for compensation planning.
Purchase Options1. Published Standard market data reports
2. Advanced Published + unlimited peer
group reports
Comprehensive Reports1. Compensation Report2. HR Policies and Practices (HRP)3. Benefits Design Practices (BDP)
The right data can give your company a competitive edge, clarify opportunities and illuminatepathways to help you attract, retain, and engage the key talent to grow your business.
Whether your compensation data needs are local, regional or global, we have what you need. Participate in our 2017 Asia Pacific Compensation Surveys or visit wtwdataservices.com
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Our Value Proposition
Copyright © 2017 Willis Towers Watson. All rights reserved.WTWDS-Key-Insights-Asia-Pacific
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Source: Willis Towers Watson 2016 Insurance Compensation Survey – Singapore
Healthcare programs arerobust and extensive
Degree holders:34k – 39k
(annual)
Non-degree holders:24k – 26k
(annual)
Master’s degree:37k – 43k
(Annual)
Hot jobs – Insurance Singapore
Sales / Business Development Information Technology Other (e.g. Actuarial, Underwriting,
Digitals, Analytics)
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
M1 M2 M3 M4 M5 P1 P2 P3 P4 P5 P6
Management Professionals (Non-Sales)
Median Base Salary
[email protected]+65 6880 5688
Non-Sales Professional
Source: Willis Towers Watson 2016 Insurance HR Policies and Practices Report – Singapore
Source: Willis Towers Watson 2016 Insurance HR Policies and Practices Report – Singapore;Willis Towers Watson 2016 Insurance Benefits Design Practices Report – Singapore
19 – 25 daysof annual leave (varies depending on employee categories and years of service)
Top 3 Healthcare Plans Surgical /
Hospitalization (100%) Clinical / Outpatient
(93%) Major Medical (59%)
Life insurance maximum coverage is typically 36 months of monthly base salary
53%offer car benefits (company car or car allowance)
