I think it's due to the way people are managed here and for the last couple of years the wage increase was minimal (2007=6.2%; 2008=5.4% & 2009= -2.6%). But considering the inflation rates the real income growth is almost close to Zero.
This holiday period seems to be a good time for updating the resume and start searching for jobs. In Singapore the best bet would be go through the company websites for entry/mid level jobs, and consult a professional for senior level jobs. Best of luck and wish you all a wonderful year ahead.
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