Malaysia: Malaysia will see a 3.2 per
cent real wage growth in 2018, an increase from the 1.3 per cent average salary
increase recorded in 2017, a forecast issued by the Hay Group division of Korn
Ferry revealed.
In a statement today, the
organisational advisory firm said financial services, construction and property
development and management industries are expected to record the highest salary
increases, while real wages for the health and life sciences, oil and gas and
industrial products sectors are expected to register the least growth.
Average bonus levels are also
expected to decrease slightly in 2018 to 2.5 months from 2.6 months recorded in
2017, it said.
Adjusted for inflation, employees
around the world are expected to see real wage increases of only an average of
1.5 per cent, down from 2017's prediction of 2.3 per cent and 2016's prediction
of 2.5 per cent.
In Asia however, it said salaries are
forecast to increase by 5.4 per cent – down from 6.1 per cent last year.
Inflation-adjusted real wage
increases are expected to be 2.8 per cent – the highest globally, but down from
4.3 per cent last year.
China remained consistent with real
wage increases predicted at 4.2 per cent for 2018, compared to four per cent
last year.
Most countries in this region saw a
drop in year-over-year real wage prediction increases – including Vietnam's
forecast of 4.6 per cent, down from 7.2 per cent, Singapore at 2.3 per cent,
down from 4.7 per cent, and Japan at 1.6 per cent, down from 2.1 per cent.
"With inflation rising in most parts
of the world, we're seeing a cut in real wage increases across the globe," said
Korn Ferry Global Head of Rewards and Benefits Solutions Bob Wesselkamper.
"The percentage of salary increase or
decrease will vary by role, industry, country and region, but one thing is
clear, on average, employees are not seeing the same real pay growth they did
even one year ago," he said.
The data was drawn from Korn Ferry's
pay database which contains data for more than 20 million job holders in 25,000
organizations across more than 110 countries.
It shows predicted salary increases,
as forecasted by global HR departments, for 2018 and compares them to
predictions made at this time last year regarding 2017.
It also compares them to 2018
inflation data from the Economist Intelligence Unit.
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