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back to index backGLOBALtalk March,  2016


Korn Ferry Hay Group 2016 Salary Forecast Shows Wages Rising Globally, Highest Growth in Asia

The Korn Ferry Hay Group 2016 Salary Forecast revealed that workers worldwide will see real wage increases of 2.5 percent, with the highest jump in salaries for Asian workers.

The global salary rise is the highest seen in three years.

According to the report, salaries are forecast to increase in Asia by 6.4 percent. While this is a growth rate that is 0.4 percent lower than last year’s, real wages are still expected to rise overall by 4.2 percent – the highest globally.

The largest real wage increase percentages are forecast in Vietnam (7.3), China (6.3) and Thailand (6.1).

In China, workers in the country are set to see an 8 percent salary increase in 2016, as employment rates continue to grow in response to the increasing need for skilled workers and the sustained rise of the burgeoning middle class. 

Workers across Europe are set to see an average salary increase of 2.8 percent in 2016 and, with inflation at 0.5 percent, will adjust to see real wages rise by 2.3 percent. 

In Latin America, workers are forecast to see the largest headline salary rises in 2016 at 11.4 percent. However, due to high inflation in the region (12.8 percent), they are expected to see real wage cuts of 1.4 percent, with Venezuela feeling the biggest pinch.

Salaries in the Middle East and Africa are forecast to rise by 5.3 and 6.5 percent, respectively, in 2016. Relatively low inflation means that workers are set to see real wage increases of 3.8 and 1.6 percent.

Source: Staffing Industry Analysts - GAI





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