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India sees highest salary hike in Asia-Pacific: Survey
By siliconindia
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Tuesday, 11 November 2003, 20:30 IST
HONGKONG: There was an average overall salary increase in Asia with the highest in India followed by South Korea, the Philippines and China, a survey conducted by global human resources consultants Hewitt Associates indicated on Tuesday.
As in the previous year, employees in the Indian software development industry were awarded the highest average salary increases, at 14 per cent. This figure was 10 percentage points lower than the industry's average salary increase last year.
The firm surveyed 991 foreign, locally-owned and joint-venture companies between July and September 2003 in 11 markets -- India, Australia, China, Hong Kong, Japan, Thailand South Korea, Malaysia, the Philippines, Singapore and Taiwan.
Hewitt said in a statement that projections for 2004 indicate pay rises will remain marginal, though fewer companies are expecting pay freezes.
Respondents in all countries projected, on average, salary increases for 2004 that were merely one per cent higher than increases in 2003.
Nevertheless, far fewer companies are projecting pay freezes in 2004, Hewitt said.
"Although employees in countries with faster growing economies still saw reasonable pay rises, the increases are only slightly higher than those of the previous year," said Mick Bennett, Hewitt's regional managing director.