Salaries in Asia Pacific projected to grow the most globally in 2021

SourceCNBC
SectorEconomy
CountryMiddle east

Salaries in Asia Pacific are forecast to grow at a greater rate than any other part of the world in 2021, in a signal that employers believe the region is emerging from the worst of the pandemic.Asia Pacific pay packets are expected to rise by an average of 4.3% next year, up from 3.2% in 2020, even as global wages falter, according to a new salary report released Thursday by consultancy firm ECA International.After accounting for inflation, that translates to average regional real wage growth of 1.7% — well ahead of the global standard of 0.5% despite comparable average inflation rates.The top 10 nationsIndonesia leads the charge for 2021 salary increases in a top 10 dominated by eight Asia Pacific countries.The Southeast Asian nation is forecast to see real wage growth of 3.8% in 2021, up from 2.6% in 2020, as employers walk back wage freezes and inflation continues to fall.Second-place Israel's real wage growth ranks somewhat behind at 2.8%, just slightly ahead of joint third-place nations Singapore and Thailand's 2.7%. Colombia, also at 2.7%, is the only other non-Asia Pacific nation to make the top 10."Few countries are expected to see a significant rise in the level of real ...read more...