Financial pressure is pushing more than half of Singapore’s workforce to actively seek or remain open to higher-paying roles, according to Indeed‘s Cost of Living Report 2026, which surveyed 813 workers and 415 employers in Singapore.

The report found 52% of workers are actively seeking or open to better-paying opportunities, rising to 69% among those in a highly stressful financial situation. The findings come as cost-of-living concerns remain prominent despite moderating inflation, with households facing renewed pressure from everyday expenses and higher utility costs.

Pay relative to living costs now a top hiring factor

More than half (53%) of workers say their salary is barely enough, financially difficult, or highly stressful relative to living costs. Half of respondents say better pay relative to living costs is now a top consideration for future career decisions, ahead of job stability and security (42%) and simply earning a higher salary (39%).

“When household budgets are under pressure, it is understandable that pay becomes a bigger factor in career decisions. But workers aren’t simply thinking about whether their next job pays more. They’re also thinking about whether that pay will keep up with what life costs,” said Saumitra Ranjan Chand, Career Expert at Indeed for Singapore and India.

Employers face a growing retention risk

More than three in four employers (78%) report some negative impact from living costs on hiring and retention, while 59% have observed rising salary expectations among employees. The food and beverage sector stands out: 61% of F&B workers cite better pay relative to living costs as a top career consideration, while 87% of F&B employers say living costs are affecting their ability to hire and retain talent.

• 52% of Singapore workers are actively seeking or open to higher-paying jobs
• 69% of financially stressed workers are actively job hunting, versus 10% of comfortable earners
• 78% of employers report living costs affecting hiring and retention
• 87% of F&B employers say living costs are hurting talent retention

“For employers, the answer cannot always be an across-the-board pay increase, particularly when businesses are hiring and spending more cautiously. Competitive pay remains important, but benefits, flexibility and clear opportunities to progress can strengthen what an employer offers and give people more reasons to stay,” Chand said.