India may witness 10.8 pct pay hike in 2009
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India is expected to see the highest salary increases among nations in the Asia-Pacific region, of around 10.8 per cent this year, due to the huge demand for talent in the country, despite the global economic crisis severely impacting overall wage increments in the region, a study says.
According to the Salary Trends survey by global HR consultancy ECA International, pay hikes in the Asia-Pacific region are expected to average at 4.8 per cent in 2009, a drop of 30 per cent from last year's 6.9 per cent increases.
The declining overall trend in pay hikes notwithstanding, some Asian countries, including India, Vietnam and Indonesia, may still see big increases in 2009, the study revealed.
"Wage increases in India are expected to be the highest at 10.8 per cent, followed by Vietnam (10.6 per cent), the only location in the region where rises are still higher than last year, and Indonesia (9 per cent)," the global HR consultancy ECA survey stated.
ECA Regional Director Asia, Lee Quane said, "There is still a huge demand for talent in India (that) is keeping pay increases high despite (the) current economic situation.
While, in Vietnam and Indonesia persistently high levels of inflation are keeping increases up."
The survey stated that pay rises across Asia-Pacific are down 40 per cent from hikes predicted prior to the global economic crisis and almost one-third of firms surveyed are planning to put salary increases on hold.