Employees in the Philippines can look forward to an average 5.5% increase in their salaries next year, up from 5.3% this year and marking a return to the pre-pandemic level in 2019, according to Mercer’s annual Total Remuneration Survey 2022. READ:
Employees in the Philippines can look forward to an average 5.5 percent increase in their salaries next year, up from 5.3 percent this year and marking a return to the pre-pandemic level in 2019, according to Mercer’s annual Total Remuneration Survey 2022.
The data also showed that the Philippine’s median salary increment is also above the Asia Pacific average of 4.8 percent. Across Asia, the overall median salary increases reflect a divergence in pay progression between emerging and developed economies, with estimates as high as 9.1 percent in India to 2.2 percent in Japan, the lowest in the region.
On industry salary trends, Molon said, “The Shared Services and High Tech industries are not showing signs of slowing down. As companies were forced to accelerate their digitalization plans during and post-pandemic, there continues to be high demand for tech-based products and services which are in turn generating employment opportunities. But some industries like Services and Chemicals remain cautious about their 2023 outlook as business demand is just starting to pick up.
The study also said that a tighter labor market and buoyant job market have resulted in higher voluntary turnover this year. As of mid-2022, the average half year voluntary attrition rate was already at 6.7 percent, as compared to the full year rate of 11 percent in 2021. In contrast, voluntary attrition in 2020 was 7.9 when employees’ priority was on job security during the pandemic.
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