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Thailand ranks in top five economies for salary increases



PHOTO: iglu

A report in Thailand Business News says Thailand is among the top five countries in the world for salary increases. The Annual Salary Trends Report, carried out by ECA (Employment Conditions Abroad) International, looked at salary trends for 60 countries and forecasts a 2020 salary increase of 4.1% for Thailand, up from 3.9% this year.

In general, Asian nations are topping the list, ranking in the top five around the world, according to the report.

Lee Quane, Asia’s Regional Director at ECA International says Thailand sits alongside Vietnam in the top five as a result of both countries’ bourgeoning economies.

“Workers in Vietnam and Thailand will both see further increases to their salaries as the nominal salaries expected to be given by employers stay well ahead of the low levels of inflation that these countries will see in 2020. This has been a long-term trend for both countries, as productivity continues to grow, and inflation is controlled.”

Some of the other top performers…

The real salary increase in Singapore has dropped slightly from last year but is forecast to be 3% above inflation in 2020, placing it in 11th place. Singapore sits above Hong Kong, Japan and Taiwan and Quane says the country’s low level of inflation along with a limited labour and talent supply due to immigration restrictions means salary increases will remain high.

The real salary increase in China is forecast to remain above the global and regional average at 3.6%.

Sitting at the top of the table is India, which has long been the case when compared to other Asian nations, but India now also dominates in the global index, with its real salary increase at 5.4%. Quane says this is four times as high as that of Hong Kong and warns that such increases may not be sustainable.

Not all Asian nations are experiencing increases in average salaries however, with Pakistan, Malaysia and Hong Kong among others all seeing a decrease or only a marginal increase in average salaries.

A significant drop in the average salary is expected for Malaysian workers, meaning it drops out of the top 10.

Hong Kong
In a city rocked by regular and often violent protests taking place since June, Hong Kong employees can expect to only see a real salary increase of 1.4% as a result of inflation.

“Despite nominal salary increases staying at 4.0% next year, the predicted drop in inflation from 3.0% to 2.6% implies that employees in Hong Kong will see a slightly better overall salary increase in real terms this year.”

The only Asia-Pacific country predicted to experience a decrease in real salary, Quane says rocketing inflation and a depreciating currency means Pakistan’s employees can expect to be worse off in 2020.



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