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Forecast Salary Increases for 2015

Many of you will now be starting to prepare your budgets for 2015 and one area you will need to forecast is salary increases for the coming year

Double digit increases are on the cards for staff in Bangladesh, India and Vietnam while Hong Kong, Singapore, Taiwan will be looking at 3 5%

We have prepared the following table of GDP, COL (Cost of Living) & Salary Increases based on data that has been published in August and September

Country
GDP
COL
SAL % Increase
(01.01.15*)
Bangladesh
6.0
6.8
11
China
7.3
1.6
8-9
Hong Kong
1.8
6.6
4.5-5.5
India
5.7
6.5
11
Indonesia
5.1
4.5
9-10
Malaysia
6.4
2.6
5.5-6
Philippines
6.4
4.4
6-7
Singapore
2.4
0.6
4-5
Taiwan
3.7
0.7
3-3.5
Thailand
0.4
1.8
5.5-6
Vietnam
6.2
3.2
11
Sources: ADB; EIU; Trading Economics
* Forecast salary increase at 01.01.15

Other Pay Trends

  • Sectors that are likely to pay +2% more are Pharma, Financial and Hi Tech
  • Senior Management will be +1 to 1.5% more
  • Blue collar – Many countries have made significant increases to minimum wage levels which are driving up blue collar pay by 10-15%
  • Executives changing jobs are looking for increases of 15 to 25%

 

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