Asia-Pacific workers will see an average real salary increase of 2.7% versus a 1.2% average for workers globally. Countries in the Asia-Pacific region are projected to make up 14 out of the top 20 markets when it comes to the biggest real salary increases and nine of the top 10.
“Low inflation and rising productivity mean that many Asian economies, and therefore local salaries, are growing rapidly,” says Lee Quane, regional director, Asia, of ECA International.
Vietnam and Indonesia ranked second and third, respectively, for expected real salary increases. China placed fourth. Shenzhen will see the fastest salary increase of all the cities in mainland China.
“Furthermore, employers in mainland China seem to be more positive on the economic outlook, with companies forecasting an increase in salaries in nominal terms of 6.5% in 2019, compared to 6% in 2018,” Quane said. “This compares favourably to the rest of Asia Pacific, where the overall average nominal salary increase is set to remain unchanged at 5.5%, similar to that in 2018.”