On the 22nd of October, Economic Times posted an article on pay hikes in the coming year. Apparently a survey showed that “companies in Asia are set to offer bigger pay rises next year as the region continues to rebound from the global recession’ and that too, ‘notably in India where base salary levels are poised to jump nearly 10%.”
According to a survey by Hewitt Associates, “salaries in Indonesia and China will also surge by 8.7% and 6.7%, respectively, whereas workers in Japan can expect a paltry 2.1% pay rise”.
This survey covered over 2,000 local as well as joint venture companies in the Asia-Pacific area. Hewitt said that “salaries — or annual guaranteed pay — this year in Asia’s fast-growing economic powerhouses, China and India, at 4.5% and 6.3%, respectively, were the lowest since 2005.”
“Salaries barely grew at all in Hong Kong and Japan, this year as companies cut staff. More than 60% of companies surveyed in Hong Kong, Japan and Singapore froze wage levels, compared with only 26.1% in India and 30.8% in China.”
“Next year, only 6% of companies in India and 8.3% in China expect to freeze pay compared with 12-14% of companies in Japan, Singapore, Hong Kong and Australia.”
So, it looks like it’s just about party time for us in the Indian market! The recession is on its way out and pay hikes will be all the rage in just a few short months. Hold on to your seats! Here comes your salary hike.