Asia’s wage hikes to accelerate in 2023
Surveys show pay raises likely to beat price rises as employers eye retention
Workers in Asia are set to see bigger salary bumps in 2023 as persistent inflation and a labor crunch put upward pressure on pay, recent studies show.
Median salary increase budgets across industries next year are forecast at 5.38% for Mainland China, 6.8% for Indonesia, 5.1% for Malaysia, 6% for the Philippines, 4.7% for Singapore, 5.1% for Thailand and 7.9% for Vietnam, according to New York Stock Exchange-listed services company Aon. All figures exceed 2022 rates.
“Companies must define their 2023 salary increase approach in the context of the competitiveness of their current salary levels,”
