Workers in Venezuela and Latvia are in for bigger pay rises next year than those in Germany or Puerto Rico – and the pay for Chinese workers will outpace rises in most other key Asia Pacific countries.
That’s the outlook according to Mercer Human Resource Consulting in its 2007 Global Compensation Planning Report which examines global employment, economic and pay trends.
Some of the changes reflect the rise in economic activity in countries that are coming off fairly low salary base (eg, Eastern Europe and China). Mercer points out that there are likely to be “significant variations in salary increases across Asia-Pacific countries with employees in emerging economies receiving higher increases than their counterparts in more mature economies”.
So for instance Chinese workers can look forward to pay rises of around seven percent which lifts them higher over an anticipated inflation level of 2.2 percent than Aussie workers who will get real salary rise of just 0.5 percent once an inflation rate of 3.5 percent is factored in. And Venezuelans will see their impressive sounding 17.4 percent salary rises pretty much wiped out by inflation running at 17.3 percent.
More detail at www.mercerHR.com/compensation2007
