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January 16, 2018

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Bigger pay raise in forecast

AVERAGE salaries for professionals in Shanghai are set to rise between 5 and 8 percent this year as the digital transformation deepens amid China’s stable economic growth, recruitment agency Morgan McKinley said in a report yesterday.

Salaries will rise 5-8 percent on average for regular performers who stay with their current employer, while the increase could reach between 10 and 20 percent for those who take on new opportunities elsewhere, the report said.

The increase is expected to be bigger than that of 2017 as the firm has observed new opportunities and more competition for talent.

The report said China has been able to defy the expectations of a marked slowdown this year due to improved global demand for its goods, infrastructure spending, and improved profit by Chinese companies.

“Many companies now understand that retaining talent is more important than attracting new talent, and we expect 2018 to be a much more rewarding year,” said Rio Goh, managing director of Morgan McKinley China.


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