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Asia-Pac workers expect pay increases next year
Woah? is this going to be real? or will our MIW set the example first by getting the pay increase, only to then say economy not tat good so cannot increase AFTER theirs juz increase? 
http://www.asiaone.com/Business/News...19-174469.html
WITH the economy bouncing back, salaries in the Asia-Pacific are set for bigger jumps next year to forestall job hopping, as bosses return to staff-poaching to meet rising orders, says a recent poll by HR Business Solutions (HRBS).
Regional pay hikes in 2010, including in Singapore, are anticipated to be on average 50 per cent higher than they were in 2009, when the worst global recession since the 1929 Great Depression led to cuts or freezes in pay, or minimal salary increases.
'Driving the optimistic outlook is the improved economic growth, with all countries' GDP in better shape in 2009 than earlier forecast, and with positive growth for all countries come 2010,' said Elaine Ng, Hong Kong-based HRBS' managing partner.
The Asian Development Bank last month upgraded its growth forecast for Asia in 2010, from an earlier number of 6.0 per cent to 6.4 per cent. It also expects the region to grow 3.9 per cent this year, up from its projection of 3.4 per cent in March.
According to the HRBS poll, covering 954 companies in 19 locations, pay packages in the Asia-Pacific region will rise by an average 4.8 per cent next year, compared with a 3.2 per cent gain this year. Pay in Singapore will go up 2.8 per cent, up from 1.6 per cent, a HRBS poll of 90 companies here shows.
'Among 19 economies, Singapore is ranked to have the seventh biggest pay increase for 2010,' said Ms Ng, a Singaporean based in Hong Kong. 'This is 75 per cent more than the average in 2009.'
Pakistan is likely to see the biggest jumps in pay averaging 9.6 per cent next year, according to the HRBS poll. It is followed by Vietnam and India, with projected pay hikes of 8.5 per cent and 8 per cent, respectively. Pay in Macau is expected to go up only 1.8 per cent, but still better than the miserly 0.3 per cent pay rise posted this year.
Salary increases in Japan (1.9 per cent), Hong Kong (2.3 per cent) and New Zealand (2.3 per cent) will also be low, according to the poll.
HRBS's poll results came on the heels of a similar poll taken by consultancy firm Watson Wyatt, which shows that companies have revised their overall salary increase budgets for 2010 from 2.5 per cent in July to 3.2 per cent currently. After taking into account salary freezes, the average salary hike in 2009 stood at 1.3 per cent; the estimate for next year is 3.3 per cent.
The HRBS poll indicates that employees in the healthcare industry are expected to enjoy the largest pay rises - 3.5 per cent on average - next year, while workers in the semiconductor industry here will take home only 2 per cent more in pay.
With the economic upturn, employers are generally worried that the staff-poaching war will hot up again as demand increases with more business, Ms Ng said. 'While average attrition rate for the first half of 2009 has been low, this is expected to increase as the market heats up,' she said. 'Hence employers are setting aside more merit pay increase budgets for next year.'
Besides, as most companies shift away from a wage freeze, employees will be clamouring for a decent pay rise in 2010, Ms Ng said.
According to the HRBS poll, companies implementing salary freezes in Singapore will drop from 51 per cent in 2009 to 16 per cent next year. And 84 per cent of those polled will hike pay in 2010, up from 46.7 per cent in 2009.
The poll also shows that average attrition across the Asia-Pacific region plunged from 13.3 per cent in 2008 to 5.9 per cent in the first half of 2009, after cutbacks in job openings because of the global economic slump.
Singapore's average resignation rate tumbled from 16.7 per cent in 2008 to 6.2 per cent in the first half of 2009, a two-thirds drop.
http://www.asiaone.com/Business/News...19-174469.html
WITH the economy bouncing back, salaries in the Asia-Pacific are set for bigger jumps next year to forestall job hopping, as bosses return to staff-poaching to meet rising orders, says a recent poll by HR Business Solutions (HRBS).
Regional pay hikes in 2010, including in Singapore, are anticipated to be on average 50 per cent higher than they were in 2009, when the worst global recession since the 1929 Great Depression led to cuts or freezes in pay, or minimal salary increases.
'Driving the optimistic outlook is the improved economic growth, with all countries' GDP in better shape in 2009 than earlier forecast, and with positive growth for all countries come 2010,' said Elaine Ng, Hong Kong-based HRBS' managing partner.
The Asian Development Bank last month upgraded its growth forecast for Asia in 2010, from an earlier number of 6.0 per cent to 6.4 per cent. It also expects the region to grow 3.9 per cent this year, up from its projection of 3.4 per cent in March.
According to the HRBS poll, covering 954 companies in 19 locations, pay packages in the Asia-Pacific region will rise by an average 4.8 per cent next year, compared with a 3.2 per cent gain this year. Pay in Singapore will go up 2.8 per cent, up from 1.6 per cent, a HRBS poll of 90 companies here shows.
'Among 19 economies, Singapore is ranked to have the seventh biggest pay increase for 2010,' said Ms Ng, a Singaporean based in Hong Kong. 'This is 75 per cent more than the average in 2009.'
Pakistan is likely to see the biggest jumps in pay averaging 9.6 per cent next year, according to the HRBS poll. It is followed by Vietnam and India, with projected pay hikes of 8.5 per cent and 8 per cent, respectively. Pay in Macau is expected to go up only 1.8 per cent, but still better than the miserly 0.3 per cent pay rise posted this year.
Salary increases in Japan (1.9 per cent), Hong Kong (2.3 per cent) and New Zealand (2.3 per cent) will also be low, according to the poll.
HRBS's poll results came on the heels of a similar poll taken by consultancy firm Watson Wyatt, which shows that companies have revised their overall salary increase budgets for 2010 from 2.5 per cent in July to 3.2 per cent currently. After taking into account salary freezes, the average salary hike in 2009 stood at 1.3 per cent; the estimate for next year is 3.3 per cent.
The HRBS poll indicates that employees in the healthcare industry are expected to enjoy the largest pay rises - 3.5 per cent on average - next year, while workers in the semiconductor industry here will take home only 2 per cent more in pay.
With the economic upturn, employers are generally worried that the staff-poaching war will hot up again as demand increases with more business, Ms Ng said. 'While average attrition rate for the first half of 2009 has been low, this is expected to increase as the market heats up,' she said. 'Hence employers are setting aside more merit pay increase budgets for next year.'
Besides, as most companies shift away from a wage freeze, employees will be clamouring for a decent pay rise in 2010, Ms Ng said.
According to the HRBS poll, companies implementing salary freezes in Singapore will drop from 51 per cent in 2009 to 16 per cent next year. And 84 per cent of those polled will hike pay in 2010, up from 46.7 per cent in 2009.
The poll also shows that average attrition across the Asia-Pacific region plunged from 13.3 per cent in 2008 to 5.9 per cent in the first half of 2009, after cutbacks in job openings because of the global economic slump.
Singapore's average resignation rate tumbled from 16.7 per cent in 2008 to 6.2 per cent in the first half of 2009, a two-thirds drop.
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