Salaries Will Rise Most In India Next Year Though Inflation Dents Hikes
NDTV
Asian nations make up eight of the top 10 countries forecast to see real salaries rise, led by India, up 4.6%, Vietnam rising 4.0% and China up 3.8%.
Soaring inflation is set to put a major dent in salary increases for the second year running in 2023, according to a new survey that sees just 37% of countries globally expecting to report real-term wage hikes.
The worst-hit region is likely to be Europe, where real salaries- nominal wage growth minus the rate of inflation- are seen being driven down an average 1.5%, according to workforce consultancy ECA International.
UK employees suffered their biggest hit this year, since the survey kicked off in 2000. Despite a 3.5% average nominal pay increase, salaries in real terms fell 5.6%, due to 9.1% average inflation. They are set to tumble another 4% in 2023.
In the US a real-terms drop of 4.5% this year is expected to be reversed by falling inflation next year, translating into a 1% real-terms salary hike.
