BANGALORE: Employees in India will see their salaries increase by an average of 10.9 per cent in 2015, according to the latest Salary Trends survey by ECA International, the world's leading provider of knowledge, information and technology for the management and assignment of employees around the world. The figure is up from the 10.5 per cent increases that local employees received this year and is the third largest in the region after Pakistan and Vietnam.
“Although wage increases in India are among the highest in Asia, once inflation is taken into account salaries will rise only 3.4 percent on average next year,” said Lee Quane, regional director – Asia, ECA International. "Nevertheless, with inflation expected to be slightly lower next year wages will increase more in real terms in 2015 than they did this year when they rose just 2.7 per cent above inflation.”
On average, salaries in Asia are expected to increase by 7.2 per cent in 2015. Factoring in inflation, real wage rises in the region will average 2.7 percent – higher than the other regions surveyed.
ECA's 2014/2015 Salary Trends Survey reports current and projected salary increases for local employees. This year, it is based on information collected from 340 multinational companies across 66 countries and regions. More than 100 companies provided data on their India-based staff.
Asia – Winners And Losers
The biggest pay rises in the region have been forecast in Pakistan. Companies there are anticipating 12 per cent rises on average. However, once inflation is taken into account Pakistan falls to third place in the list.
Employees in Japan will see the region’s lowest wage hikes next year. While much of the 2.3 per cent increase is likely to be eroded by inflation, many workers there will feel slightly better off in 2015 than this year when pay increases have, on average, been below inflation.
In terms of ‘real’ salary increases, ie once inflation has been factored in, it is staff in Vietnam who will feel the best off in Asia. In contrast, employees in Macau, will see their wages decrease in ‘real’ terms – the only location in the region likely to experience that in 2015.
Companies in mainland China are planning to award 8 per cent salary increases again next year. Even after inflation, staff there will be among the best off within the region and globally: they can expect to see increases of 5.5 per cent in real terms.
Employees in Hong Kong will see their salaries increase by an average of 5 per cent in 2015. However, once inflation is factored in, staff in Hong Kong will see some of the lowest real pay rises in Asia.
Companies in Singapore are anticipating raising salaries in 2015 by 4.5 per cent - the same rate as they have this year. However, with inflation expected to rise next year employees will experience lower increases in real terms than in 2014.
In Myanmar salary rises forecast for 2015 will be above the regional average as companies look to attract the staff needed to develop the country’s newly opened-up economy. Good news, too, in terms of real wage increases which will be higher than this year’s.
Global markets
According to company predictions from around the globe, wages will rise 5.8 per cent on average in 2015, slightly up on this year’s 5.6 per cent average.
Companies in Argentina are forecasting the survey's highest pay rises in 2015. Employers there are predicting 28 per cent pay rises for staff next year on average. However, once inflation of over 27 per cent has been factored in these large increases will have little impact on spending power.
In the US and Canada, companies are predicting 3 per cent wage increases – the same as this year’s uplifts. In Europe, the biggest pay rises will be in Ukraine and Russia, although wages in the region will rise 3.5 per cent on average – the same figure as in Australia. Employees in the Middle East are set to see wages rise 4.7 per cent on average.
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