Saturday, 18 November, 2017

Workers to see 2.7% rise in salary

Pic by KHAIRUNISAH LOKMAN Pic by KHAIRUNISAH LOKMAN
Hannah Rogers | 15 November, 2017, 05:45

For Asia-Pacific countries, the survey said they continue to outperform the rest of the world, occupying eight of the top ten spots in the global rankings with all locations expecting to receive above-inflation salary increases.

"This, combined with higher inflation, which is expected to be 2.6 per cent next year, has caused something of a pay crunch for United Kingdom workers".

But after factoring in inflation, which is expected to be 2.2 per cent next year, the real wage increase diminishes to 1.8 per cent, placing the city at fourth last in the Asia-Pacific region. Workers in Macau can expect similar increases to that of Hong Kong and lower inflation in Taiwan means their salaries will grow by 2.6% in real terms.

The annual poll noted that employers in Singapore are prepared to raise wages by about 4 per cent in 2018 - same as a year ago but higher inflation is "reducing real-term pay awards".

"Despite this, the salary increases for 2017 and 2018 compare favourably with other developed economies in the region and globally".

It puts Britain in 23rd place out of the 26 countries surveyed, in terms of real terms pay rises.

The study also revealed that United Kingdom employees received just a 0.1% real salary increase this year, lower than the 0.3% growth forecast in 2016.

Despite slowing economic growth, the optimistic figures point to "improved business sentiment in China, which perhaps shows that employers are more positive" about the prospects of both the domestic and global economy, Quane said.

Workers in Malaysia, which was ranked at 20, have enjoyed wage increases above 5 per cent for several years thanks to low unemployment and a strong economy.

"President Macri's market-friendly policies are expected to bear fruit in Argentina next year, causing inflation to cool and bringing respite to hard-pressed workers after years of low or negative real salary increases", Mr Quane added.

On the other hand, bosses in Japan are set to hand out salary increments of 2.2 per cent next year - the lowest rate of pay rise in nominal terms across Asia.

But Australians can expect real wages to rise by only 0.8 per cent, the survey found.

A report by the Resolution Foundation warned that weekly pay will be nearly £25 lower in 2022 than previously expected, still £22.70 below the pre-crisis peak.

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