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.
World Bank lowers Thai GDP growth outlook to 2.2%
In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.
BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.(more…)
Thailand’s Economy and COVID-19: Five Things to Know
Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.
Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.(more…)
Subscribe via Email
TAT expects 850 billion baht ($25.7 bln) in tourism revenue after successful reopening
The Tourism Authority of Thailand (TAT) has set this year’s revenue target at 850 billion baht, 300 billion of which...
Download 1xBet mobile and play all over the world
Placing profitable bets or playing in a casino is now possible comfortably even without being tied to a computer. It...
3 ways Asia can recover from the COVID-19 pandemic faster
Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors...
Thailand’s Vaccine Strategy: What went wrong?
Questions are being asked, and not answered, over the decision to rely almost entirely on Siam Bioscience, a local, palace-owned...
Exclusive interview with Richi Kukreja, HR Lead Director for Zoetis South East Asia
Zoetis is a global animal health industry leader, dedicated to supporting customers and their businesses in ever better ways. Building...