Jobstreet: These 5 industries in Singapore offered the biggest salary increases in 2024

2024 has been a challenging year for businesses amid geopolitical and economic complexities.

It has shaken the global job market, leading to downsizing and closures of many multinational corporations and small to medium-sized businesses.

Yet it seems like not all companies have followed this bleak trend.

According to Jobstreet’s 2025 Hiring, Compensation & Benefits report, 79% of companies in Singapore gave out annual increments to employees—and 15% of them claimed that their increments were aligned with or even higher than inflation.

This is good news for employees, especially as the rising cost of living has made it difficult for many to make ends meet, with a significant number living paycheque to paycheque last year.

An infographic was also sent to the media, highlighting the top five industries offering the highest pay increments (by median salary growth) in Singapore.

Here’s a closer look at the sectors where employees are seeing the biggest pay bumps:

Apart from these five industries, the majority of companies that offered salary increments gave increases ranging between 1% and 5%.

This suggests that while a select few sectors are leading with higher-than-inflation raises, most companies are still exercising caution amid economic uncertainties.

Which industries are hiring?

Jobstreet has also listed the top five most in-demand roles in its report, based on the number of job ads posted in Q1 2025.

If you are job hunting, considering a career switch or looking for a more stable job, these are the positions to keep an eye out for:

1. Sales
2. Accounting
3. Information & Communication Technology
4. Engineering
5. Administration & Office Support

Based on both lists, it looks like a career in Information and Communication Technology appears to be the most lucrative opportunity right now. It not only ranks among the top industries for median salary growth but is also one of the most in-demand sectors in terms of job openings.

However, it’s also worth noting that high job ad volume doesn’t necessarily translate to higher salaries, as some roles remain entry-level by nature but are essential to everyday operations.

And if you’re looking to jump the gun, it’s crucial to reflect on whether the industry and role truly align with your personal interests, career goals, and growth prospects, beyond salary expectations.

• Read more articles we have written on job trends here.

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