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December 6, 2011

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Foreign firms best on pay raises

SHANGHAI'S foreign-invested companies have outperformed their domestic counterparts in giving pay raises to their employees this year, a survey by the Shanghai Statistics Bureau said.

The real-estate sector in Shanghai has offered staffers the biggest raises despite the property market turning sluggish.

The bureau's survey covered thousands of local workers from various industries. The survey showed that 65.5 percent of respondents hired by foreign companies said their salaries had improved from a year earlier, 26.3 percent said it was the same while 8.2 percent said their salaries actually went down.

Companies funded by Chinese private capital followed the foreign firms as 47.7 percent of their workers reported pay hikes. Trailing were state-owned companies, where 44.9 percent of the workers received higher salaries this year.

The bureau analysts concluded that foreign companies could best afford pay hikes because of their more flexible business practices.

The survey found 61.9 percent of the workers from real estate development and management firms gained more income. The next best, respectively, were the manufacturing and IT industries.

Sectors such as cultural, educational, sports and entertainment were the least likely to give raises. Only about 31 percent of workers from these business operations reported receiving a raise this year, according to the survey.


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