A survey by international consultancy Michael Page on 2017 employment trends showed that only 36% of employers had intended to increase hiring next year.
This marks a considerable drop from last year’s 49% in the same survey.
More than half (57%) of companies surveyed intend to maintain their headcount while 7% intend to cut their existing staff.
While a considerable number (15%) said they do intend to increase salaries to staff, the majority of companies (63%) said they plan to offer a 1% to 5% pay increment.
Meanwhile, recruitment agency Randstad published a survey which showed that only 56% of employees in Singapore expected that their companies would do better in 2017 as compared to the global average of 69%.
This is lower than regional economies, such as Malaysia’s 70% and Hong Kong’s 59%.