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South America and Asia likely for high wage increases
| Published: | 14 Dec at 6 PM |
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Recent research reveals that, due to the continuing effects of the economic slowdown, South America and Asia are likely to see the highest salary increases during 2013.
A report by global management consultancy Hay Group states that Latin America will lead the league table with an average increase of nine per cent, fueled by Venezuela, whose workers will see an inflation-fuelled jump of 29 per cent. Southeast Asian and Chinese workforces’ wages will also see significant growth, while Australian and New Zealand staff will get only four and three per cent respectively.
Projected leaps of 12 per cent in Vietnam, 10.6 per cent in Indonesia, 10.5 per cent in India, eight per cent in the Philippines, 6.2 per cent in Malaysia, 6 per cent in Thailand and 9.5 per cent in China indicate that wage increases in high-growth Asian economies are beating out those in the developed world. For example, annual salary hikes in Japan are expected to stagnate at two percent.
With their GDP growth mostly flat, the developed Western economies will respond with small increases, with several countries including Ireland and Greece seeing no increase at all. North American and French workers should expect under three per cent, with German and UK staff doing slightly better.
Given the increasing trend towards migration from the West to gain better working conditions, more job security and higher wages, it seems that those looking for serious money should head for Southeast Asia. However, it remains to be seen what effect the changes due when ASEAN kicks off in 2015 will have on the region, perhaps making South America a safer and more secure option.
A report by global management consultancy Hay Group states that Latin America will lead the league table with an average increase of nine per cent, fueled by Venezuela, whose workers will see an inflation-fuelled jump of 29 per cent. Southeast Asian and Chinese workforces’ wages will also see significant growth, while Australian and New Zealand staff will get only four and three per cent respectively.
Projected leaps of 12 per cent in Vietnam, 10.6 per cent in Indonesia, 10.5 per cent in India, eight per cent in the Philippines, 6.2 per cent in Malaysia, 6 per cent in Thailand and 9.5 per cent in China indicate that wage increases in high-growth Asian economies are beating out those in the developed world. For example, annual salary hikes in Japan are expected to stagnate at two percent.
With their GDP growth mostly flat, the developed Western economies will respond with small increases, with several countries including Ireland and Greece seeing no increase at all. North American and French workers should expect under three per cent, with German and UK staff doing slightly better.
Given the increasing trend towards migration from the West to gain better working conditions, more job security and higher wages, it seems that those looking for serious money should head for Southeast Asia. However, it remains to be seen what effect the changes due when ASEAN kicks off in 2015 will have on the region, perhaps making South America a safer and more secure option.
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