Salaries News
- Pays rise as economy booms
Date: 8-Dec-2006 Sources: (Xinhua Online)
Salary in China has risen eight percent this year on average, boosted by a fast-expanding economy. And the nation's pay packets are expected to rise again next year, according to a human resources consultancy report released yesterday.
Employees saw growth in their wages dip slightly this year compared with 8.3 percent from a year earlier, Hewitt Associates said.
'The steady growth last year led to a stabilization of salary increase in most of Asia markets this year,' the company said. 'The hikes are modest in comparison to previous years and this trend looks set to continue in 2007.'
It estimated China will have another eight percent salary increase next year.
The high-tech industry in China recorded the biggest pay growth of nine percent among the 13 surveyed groups, including fast-moving consumer goods, auto, logistics and real estate. The FMCG and pharmaceutical industries shared second spot with an 8.8 percent rise, following by insurance (8.4 percent).
Higher salary increases were recorded in second-tier cities, such as Suzhou, Nanjing and Xi'an, compared with first-tier cities.
This year India achieved the highest average salary increase at 13.8 percent.
Hewitt surveyed more than 1,400 companies in 12 countries.
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