Wages seen climbing by 8% in RP
Manila Standard
SINGAPORE—Salaried workers in Asia are tipped to enjoy the world’s largest pay increase of 7.3 percent on average this year, with wages rising by 8 percent in the Philippines, an international human resources firm said Thursday.
ECA International said the increase in Asia would be higher than the global figure of 5.9 percent, and that Asia’s economic growth along with the need to retain skilled talent were the main factors fuelling the wage rise.
“Relatively high rates of salary increase in Asia in comparison to elsewhere in the world reflects that robust economic growth recorded in 2007,” said Lee Quane, ECA International’s Hong Kong-based general manager.
“Principal causes of these salary increases are inflation, economic growth and the need for organizations to retain key talent,” he said.
Within the region, Indian workers’ pay packets will likely see the biggest rise of 14 percent, which is also the highest increase among the 47 countries included in the survey of 250 multinational firms.
Vietnamese workers’ wages are expected to jump 10 percent, the second highest growth in Asia, while at the other end of the scale Japanese employees will have the lowest rise of 3 percent, the survey says.
“These high increments are mainly the result of fast economic growth and widespread skills shortages, which are prompting companies to pay more for talent while keeping pace with the inevitable inflation that comes with economic development,” ECA International said.
In China, wage growth was expected to remain at 8 percent while in Hong Kong, the forecast was 4 percent and in Singapore 5 percent, ECA International said.
In Indonesia, wages will rise 11.3 percent and in Thailand 6.5 percent, according to the survey carried out in the second half of last year.
AFP
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