Salary predictions for 2018 are in and according to findings from various sources, Asia is expected to experience the highest real wage growth next year.
Still, the increases are down from a year ago, in line with global inflation trends.
Rising inflation, falling increments
According to Korn Ferry’s findings, salaries in the region are forecast to increase by 5.4% – down almost an entire percentage point from 6.1% last year. Inflation-adjusted real wage increases are expected to be 2.8% – the highest globally, but this is a step below the 4.3% last year.
Most countries in the region saw a fairly steep decline in year-over-year real wage prediction increases – including Vietnam’s forecast of 4.6%, down from 7.2%, Singapore at 2.3%, down from 4.7%, and Japan at 1.6%, down from 2.1%.
“With inflation rising in most parts of the world, we’re seeing a cut in real wage increases across the globe,” said Bob Wesselkamper, Korn Ferry Global Head of Rewards and Benefits Solutions.
“The percentage of salary increase or decrease will vary by role, industry, country and region, but one thing is clear, on average, employees are not seeing the same real pay growth they did even one year ago.”
China, this same survey found, was the only country that is likely to stay consistent with wage growth at 4.2% for 2018, compared to 4% last year.
To read entire article, please click here.
Source: hrmasia – GAI