SINGAPORE (June 21): By 2030, Singapore can expect to pay an extra US$29,065 ($39,600) per highly-skilled worker per year – representing a wage premium equivalent to about 10% of the city state’s 2017 GDP.

This is according to a new study by global organisational consulting firm Korn Ferry, whose The Salary Surge study estimates the shortage on payrolls in 20 major global economies based on its forecasts of future skilled talent shortage.

Based on the study’s findings, salary surges in the Asia Pacific due to talent shortages could add more than US$1 trillion to annual payrolls in the region by 2030, therefore jeopardising companies’ profitability and threatening business models.

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