SALARIES CONTINUE TO RISE IN SOUTHEAST ASIA
Vietnam, Indonesia, the Philippines, Malaysia, Thailand, and Singapore are all anticipating increases in average salaries for 2011. These figures are the result of a survey conducted on various sectors including pharmaceuticals, motor vehicles, electronics, and finance.
Of these countries, Vietnam is expected to display the highest average salary rise – approximately 12%. Earlier this year, foreign companies in Vietnam paid an average of about $150 per month to their factory workers.
Indonesia is estimated to reveal a roughly 8% increase in average wages, 7% for the Philippines, 6% for Malaysia, 6% for Thailand, and 5% for Singapore. This list of percentages stands as a stark contrast to the change in 2009’s average wages. Last year, approximately 45% of the companies in Southeast Asia reported no net change to the salaries of workers. Salary increases for this year are also significant since they further reflect the quick rebound of the greater Asia region after the global financial crisis.
Along with these salary increases, bonuses are also expected to swell in Southeast Asia. For 2009, the overall bonus was almost 12% of the annual base salary. The 2010 bonus is expected to be around 15% of the annual base salary.
Continued economic growth in Southeast Asia has meant increased standards of living for many citizens in the region. Foreign companies seeking to expand their operations in Southeast Asia should not be surprised if workers begin to demand higher wages.
