Thailand and Singapore are joint-second place in the Asia Pacific rankings for real salary increases.
Salary increases for workers in Singapore are forecast to rise to 3.0% in 2021, up from 2.5% in 2020. Upon factoring in the predicted inflation rate of 0.3% for next year, workers in Singapore will see an average salary increase of 2.7% in real terms.
While down slightly from a 2.9% real salary increase they saw this year, it is one of the highest in the world.
Indonesia leads the way in 2021’s Asia Pacific rankings for real salary increases with a forecast increase of 3.8% – significantly higher than the joint second-place nations of Singapore and Thailand, where the increase is expected to be 2.7% in comparison.
“Few countries are expected to see a significant rise in the level of real salary increases in 2021, but there are exceptions to this within the Asia Pacific region. One of these exceptions would be Indonesia, which stands out at the top of the list and sees the average real salary increase rise from 2.6% this year to 3.8% in 2021.
While inflation in Indonesia is expected to continue falling, repeating the trend we have seen in recent years, fewer companies in the country intend to freeze salaries – implying that the nominal salary increases would have risen. In fact, our data shows that although 42% of the companies surveyed in Indonesia implemented a salary freeze this year, only 24% of these will do so in 2021 – contributing to the rise in average salary increases in the country,” said Quane.
Top ten forecast real salary increases – Asia Pacific
|Country||2021 forecast real salary increase (%)||2020 real salary increase (%)|
|Republic of Korea||2.6||1.5|
- Salaries in Singapore are forecast to rise to 3.0% in 2021 – up from 2.5% this year
- After factoring in inflation, the average real salary increase in Singapore will be 2.7% – one of the highest in the world
- Thailand and Singapore are joint-second place in the Asia Pacific rankings for real salary increases
- The number of Singapore-based companies implementing pay freezes is also expected to drop in 2021, down to 22% from 36% this year
- Most locations in Asia Pacific are forecasting higher rates of increase in 2021
- Rates of real salary increases across Asia Pacific are forecast to be 1.7% in 2021
These are the key findings of the latest Salary Trends Survey published by ECA International, the world’s leading provider of knowledge, information and software for the management and assignment of employees around the world.
Thai fruit exports to FTA markets up 107 percent
China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.
BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.
The Future of Asia: greener but with a public and private debt hangover
The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand
50:50 campaign may not get immediate extension
BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.
The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.
Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.
The campaign has already been extended once, with the current end date set for 31st March.
The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.
The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.
Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.
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