Salary rise of 6-8% in forecast this year
Print Edition
EMPLOYEES can expect to get a salary increase of between 6 and 8 percent in China this year, with the Internet sector most willing to offer pay rises to attract top talent, human resource agency Morgan McKinley said in a report yesterday.
Due to slower economic growth this year, the agency predicted salaries in general to rise between 6 and 8 percent, but the increase could be larger for experts and job-hoppers.
Local Internet companies are most willing to offer a high pay rise to lure highly sought-after expertise.
“China’s thriving Internet sector has led to a significant talent shortage,” said Rio Goh, China country head of Morgan McKinley. “We have seen an increasing number of professionals who are willing to move from a multinational IT company to a fast growing local Internet firm. Some local firms have been known to offer pay rises in excess of 50 percent for outstanding individuals.”
The report also found that 82 percent of respondents had a pay increase last year, and 84 percent of them received a rise of over 5 percent.
The financial sector expects a slower growth in headcount and pay increase as the slowing Chinese economy resulted in fewer jobs being created.
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