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Thursday, October 13, 2016

2017 SALARY INCREASE IN SINGAPORE, TAIWAN, HONGKONG, PHILIPPINES AND OTHER SOUTHEAST ASIAN COUNTRIES


Studies revealed that across Asia Pacific, salaries are expected to rise 5.9 percent in 2017, higher than the 5.8 percent growth this year. According to a report from Global solutions company Willis Towers Watson stated that salaries in the Philippines are projected to rise for about 6.5 percent next year. The company further explained that the salaries tend to rise steadily because companies in the Philippines focus on encouraging employees with critical skills.


“These can be in the form of a ‘hot skills’ allowance, retention bonuses and training/ education programs that will keep their critical talents engaged,” Vangie Daquilanea, a data service practice lead of Willis Towers Watson said.

The study reported that Pakistan will receive highest salary increases by next year with around 10.2%, followed by countries Bangladesh with 10% and India with 10%. However, Japan is predicted to have the smallest increase of salary with 2.3%.

Economic Research Institute (ERI) also conducted study for 2017 salary increase projections. According to their official website, data from publications, government resources and over 25, 000 companies were assessed in their review.


ERI provided infographic which shows the salary increase for countries around the world. Below is the percentage of salary increase in Asia Pacific. 
VIETNAM- 9.6%
INDONESIA - 9%
CHINA - 7%
PHILIPPINES - 6.3%
TAIWAN - 5%
HONGKONG -4 %
SINGAPORE - 4%
JAPAN - 2.3%

Pakistan will lead as the country with highest salary increase, followed by India and then Vietnam. 


Starting January 2017, a wage increase of 5% will be given to OFWs working in Taiwan. gOverseas Filipino workers (OFWs) in Taiwan will get 5.0 percent increase in their wages starting Jan. 1, 2017, an official of the country’s representative office in Taiwan said.
Manila Economic and Cultural Office (MECO) Chairman of the Board Angelito Banayo, in an interview during the 105th National Day Reception of Taiwan at the Sofitel Philippine Plaza Manila, said  that the government of Taiwan had finalized  the 5.0-percent hike in minimum wage.
He said, “Starting January 1, there will be 5.0 percent increase in salaries for all our OFWs. This is good news”.
The current minimum wage in Taiwan is at NT$ 20,008 or around P30,771.
“Starting 2017, it will be NT$ 21,009 or an increase of NT$ 1,001 equivalent to roughly P1,500 per month,” the MECO chair added.





There is an estimated 135,000 OFWs in Taiwan mainly working in sectors of information and communication and optical products, according to Taiwan Economic and Cultural Office.
As per the data of the Bangko Sentral ng Pilipinas the remittances from Taiwan in January to July this year amounted to $166.9 million, an increase of 15.3 percent from $144.7 million in the same period last year. 

©2016 THOUGHTSKOTO