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 per cent to 30 per cent in the next one to two years, up from about 10 per cent to 15 per cent, the ST reported on Tuesday. That’s expected amid a hiring boom as companies work on their digital transformation, Randstad’s Clarence Quek told the ST. Start-ups and Chinese tech firms expanding in Singapore are also competing for tech talent, the paper said.

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

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 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.