facebook
Home > What's On > Asian countries to see salary hike despite inflation in 2023, as per survey
Asian countries to see salary hike despite inflation in 2023, as per survey

Global inflation has heavily impacted the wage hike of the workforce across the world, according to a survey conducted by workforce consultancy ECA International. Only 37 percent of the countries are to experience real salary hikes in 2023, which is an improvement from 22 percent in 2022, a Bloomberg report stated, mentioning the survey.

The actual salary hike calculated after deducting the inflation rate from the nominal hike is close to 1.5 percent in Europe, as per ECA International. Additionally, the report claims that the employees are facing a negative impact of this magnitude on their salaries because of the 9.1 percent average inflation.

Asia fares well compared to UK and US

salary hike
Image credit: Towfiqu Barbhuiya/Unsplash

A 1-percent real-salary hike is expected in the US in 2023 after a drop of 4.5 percent in 2022.

Meanwhile, real salary hikes could be seen in Asian countries, as eight of them make up the top 10 list of nations expected to witness a wage hike in real terms in 2023.

India is predicted to get the highest pay hike with 4.6 percent, closely followed by Vietnam with 4 percent and China, which is estimated to see a 3.8-percent real-term rise.

What about other Asian nations?

Other Asian regions included in the top 10 list are Saudi Arabia, Oman, Malaysia, Cambodia and Thailand.

Oliver Browne, remuneration manager at ECA International, said, “The situation in Asia has been relatively stable as the region has been shielded from the worst of the inflation impacting much of the rest of the world. On average, salaries increased by 0.3% in real terms across the region. Employees in China saw real-term salaries increase 3.7 per cent and Hong Kong 1.6 per cent.”

Browne has predicted that stability will continue in Asian markets in 2023.

(Main and featured image credit: Alexander Mils/Unsplash)

Asian countries to see salary hike despite inflation in 2023, as per survey

Preeti Kulkarni

After completing her PG in New Media from the Asian College of Journalism, Preeti has worked in a daily and a magazine before finding her calling in digital journalism. A lover of single malts and an avid pop culture junkie, you can catch her at the movies on weekends or binge-watching the latest shows on OTT when she is not busy preparing her toddler for his Hogwarts letter.

   

Sign up for our newsletters to have the latest stories delivered straight to your inbox every week.

Yes, I agree to the Privacy Policy

Never miss an update

Subscribe to our newsletter to get the latest updates.

No Thanks
You’re all set

Thank you for your subscription.