Thursday, 22 October 2009

Bigger pay raise looms in 2010

Article derived from a Reuters report

COMPANIES in the Philippines are set to provide bigger pay hikes next year, keeping in step with peers in 13 other economies in Asia and the Pacific, the most recent salary survey this year which human resource consulting firm Hewitt Associates released yesterday showed.

The survey had 2,000 respondents from local and joint-venture companies across the region.

Specifically, companies in the Philippines are set to raise salaries by an average of 6.4%, compared to about 4.3% rise this year.

India topped the expected rise in salaries at 9.2% next year from 6.3% this year. It was followed by Indonesia at 8.7% from 6.0% and China at 6.7% from 4.5%.

Economies where average salary hikes will be less than that in the Philippines are: Malaysia, where firms will raise pay by 5.2% next year from an average of 4.1% this year; Thailand, 4.7% from 3.4%; South Korea, 5.1% from 2.7%; Macau, 2.5%, down from 2.6%; Australia, 3.4% from 2.1%; New Zealand, 3.1% from 2.1%; Taiwan, 3.1% from 1.8%; Singapore, 2.6% from 1.8%; Hong Kong, 2.9% from 1.4%; and Japan, 2.1% from 1.2%.

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