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Slowdown blamed for slower local wage rise
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Local companies blamed economic downturn for the lower-than-expected average pay rise which was 8.8 percent this year — down 1.7 percent from last year.
And things don’t look rosier for next year as well.
The figures were released after a survey by China International Intellectech (Shanghai) Corp yesterday.
The survey covered more than 2,600 companies in Shanghai from 12 industries such as manufacturing, high-technology, biological medicine, chemistry, automobile, consumer goods, real estate and finance.
As of July, about 76 percent of the companies in Shanghai had completed this year’s employees’ salary adjustment, with an average increase of 8.8 percent, the survey found. The figure was lower than the 9.1 percent forecast early this year.
The average pay increase for next year is expected to be even lower at around 8.6 percent, said Zhou Jing, a deputy general manager at CIIC.
Of all the industries, the information and technology industry had the biggest pay increase at 10.9 percent, followed by pharmaceutical and consumer goods.
With the growth unease, the employee turnover was stagnant with very few taking the risk of moving jobs.
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