Guidelines issued over pay hike
Print Edition
SHANGHAI’S human resource authorities issued guidelines yesterday, urging companies in Shanghai to raise the salaries of their staffs by 16 percent from last year.
Companies have been told to raise salaries between 4 percent to 16 percent depending on their business performances and the salary level, the Human Resources and Social Securities Bureau said.
The guidelines are released annually as a reference for companies to decide on salaries.
The upper line is recommended for companies whose profits are good and the salaries are below 60 percent of the city’s average salary, which was 5,451 yuan (US$878) per month last year.
The bottom line is set for companies with poor profits, while companies struggling with losses do not have to comply.
The average salary increase was lower than the 12 percent hike recommended last year, but still in line with market expectations amid economic slowdown.
Morgan McKinley, an international human resource company, expects salaries to go up between 6 to 10 percent this year for IT experts.
“The Chinese economy is growing at a slower speed in 2015. This will hurt job opportunities in some sectors including finance,” said Rio Goh, head of Morgan McKinley China.
“But there is demand for talent in the information technology sector because of Internet.”
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