This Year, Expect a 10.8% Salary Hike
Survey says employees in the Asia Pacific region can expect a hike of 10% in their salaries.
Here’s some good news to all employees in the Asia Pacific region. This year, you can expect an average hike of 10.8% in your salaries.
This will be the highest in the Asia Pacific, and for top performers, it can be 12%, says a report.
According to 2015-16 Asia Pacific Salary Budget Planning report by Towers Watson, a global professional services company, India is clearly the front-runner with a 10.8% average salary increase. With this India puts itself ahead of countries like Indonesia (9.5%), China (8.6%) and the Philippines (6.7%).
Favourable economic sentiment and a comparative decrease in inflation and oil prices contribute to the real salary increase being at 5%.
– Sambhav Rakyan, Data Services Practice Leader at Towers Watson
In 2014, the overall salary rise was 10.5% and factoring in inflation at 7.2%, the real salary increase stood at 3.3%.
In 2015, the real salary increase is likely to jump to 5% from the 3.3% last year, which in turn would bring much cheer to Indian employees.
“While it’s too early to predict increases for 2016, the general sense is companies will budget in the same range as 2015, perhaps the net increase will be a tad lower, given the moderating inflation levels,” Rakyan added.
– Across all industries in India, almost 87% of respondents plan to allocate a larger portion of their budget to high performers.
– In India, salary rise for ‘highest-performing’ employees averages 12%, which is 30% higher than ‘average’ performers and nearly twice the regional average.
“People in India still like more guaranteed base pay. This is especially true for individuals at entry to mid-level where hard cash is what they seek,” Rakyan said.
The survey was conducted in February 2015. Some 2,000 responses were received from companies across 19 countries in the Asia Pacific.
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