According to Towers Watson’s Asia Pacific/Singapore Salary Report, nominal salaries across the region are set to rise by 7% during 2015.
This jump in salary is due to lower inflation in 17 countries in Asia Pacific..
When looking at the salary increase in real terms, a rise of roughly 4.3% can be expected, which is a full 1% more than 2014’s rate of 3.3%.
The lowest real increase across Asia Pacific will occur in Hong Kong (1.3%), while the largest will be seen in Mainland China (7.4%).
Salary increments in Singapore will be more than Hong Kong
Although both Singapore and Hong Kong will see a 4.5% increase in salaries during 2015, inflation will lead to Singapore-based employees experiencing more of a boost than Hong Kong residents.
The real increase in salaries is expected to be 4.4% in Singapore and a mere 1.3% in Hong Kong.
Most valuable employees will receive priority
In Tower Watson’s study, nearly 80% of respondents communicated that a large portion of salary increases were to be given to top-performing workers.
This sentiment was especially present in three of the top industries in the Asia Pacific – pharmaceutical, finance, and technology.
Within markets/industries that expect larger overall salary increases, top employees predictably saw the highest raises. In fact, high performing workers in India averaged a 12% raise, which was almost twice the regional average.
About the 2015 Asia Pacific/Singapore Salary Report
The 2015 Asia Pacific Salary Budget Planning Report is a bi-annual report, which coincides with compensation planning by companies for 2015.
The report gains its data by examining a wide array of industries and seniority levels. By looking at a large variety of jobs at every level of pay, the survey aims to analyze both review practices and salary movement within many industries.
The data presented in the survey comes from a 2,000 respondents that reported from 19 different countries in Asia Pacific.
