Connect with us
The clever new way to send money abroad

Economics

Salary increases in Thailand and Singapore expected to be among the world’s highest in 2021

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

Published

on

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.

“Singapore is expected to be the third highest in the global rankings for real salary increases on par with Thailand and Colombia, and second highest in the Asia Pacific on par with Thailand, despite the lower forecasted increase in 2021 compared to what workers saw this year,”

Lee Quane, Regional Director – Asia at ECA International

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

Country2021 forecast real salary increase (%)2020 real salary increase (%)
Indonesia3.82.6
Thailand2.74.1
Singapore2.72.9
Republic of Korea2.61.5
China2.30.9
India2.3-0.1
Cambodia2.12.1
Bangladesh2.1-3.6
Taiwan2.03.1
Japan1.72.1
  • 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. 

Siam News Network includes top references news sites, Job Board, Business Directory and Classifieds Portal

Click to comment

Leave a Reply

Economics

Thailand’s economic growth expected to return to 2019 levels in mid-2023

Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.

Published

on

The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.

(more…)
Continue Reading

Economics

World Bank cuts Thailand’s GDP growth outlook to 1% in 2021

The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.

Published

on

The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.

(more…)
Continue Reading

Most Read

Recent