How to put your salary increment to good use
Despite economic uncertainty from geopolitical issues, Singaporean employees are likely to receive a four percent salary increase in 2024. An SBF study reveals that 64 percent of SMEs and large companies plan a six percent wage hike to counter four percent inflation. Suggestions for optimising salary increments include investing in ETFs or bonds with modest amounts, considering high-interest savings accounts, and exploring fixed deposit accounts for better returns. Additionally, spending wisely is emphasised, encouraging informed choices with credit cards for rewards. Overall, the advice aims to help individuals make the most of their salary increment or pay raise with prudent financial strategies amidst Singapore's unclear economic outlook for 2024.
