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Tuesday, 19 December 2017

3.2 percent real wage growth in 2018; #financial-services, #construction, #property-development and #management-industries.

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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