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Monday, November 20, 2023

Average salary to increase 5.1% in 2024, says survey

 

Mercer’s Koay Gim Soon said that despite 2023’s moderate economic growth, Malaysia’s labour market continues to show a positive outlook, reflected in the uptrend in salaries.

KUALA LUMPUR: The average salary in Malaysia is expected to increase by 5.1% in 2024, according to Mercer’s Total Remuneration Survey 2023 released today.

The growth, however, was slightly lower than the Asian average of 5.2%, reflecting the varying pay progression between emerging and developed economies in the region.

India, Vietnam, and Indonesia are set to report the highest projected median salary increments in 2024 at 9.3%, 7% and 6.5%, respectively.

Japan, Taiwan, and Hong Kong are expected to register the lowest at 2.6%, 3.8% and 3.9%, respectively.

Other countries included in the survey are the Philippines at 5.7%, China at 5.2%, Thailand at 4.7%, South Korea at 4.4% and Singapore at 4.2%.

Mercer Malaysia market leader Koay Gim Soon said that despite 2023’s moderate economic growth compared with 2022, Malaysia’s labour market continues to show a positive outlook, reflected in the uptrend in salaries.

“The country’s gross domestic product (GDP) and individual sectors have largely rebounded to pre-pandemic levels, and multiple economic indicators point towards further growth in the coming year.

“In fact, over half of the survey participants expressed their intention to increase payroll budgets for both 2023 and 2024, which is an encouraging sign for companies and employees alike,” he said in a statement.

The survey, conducted between April and June this year, collected data from 668 multinational corporations (MNCs) across 15 industries in Malaysia.

Overall, Malaysia’s median salary increases show a consistent uptrend, rising from 4.8% in 2022 to 5% in 2023.

The energy and high-tech industries lead salary increases in Malaysia in 2023, with median salary growth of 6.5% and 6.1%, respectively, followed by consumer goods and manufacturing at 5%. - FMT

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