New Delhi: India tops the top 10 countries expected to see the best salary hike next year. A survey conducted by Workforce Consultancy International (ECA) says that salary increases will continue to fall sharply in 2023 in the wake of rising inflation.
ECA’s Salary Trend Survey was conducted based on data collected from more than 360 multinational companies in 68 countries. Europe was hit hardest by inflation. Here, the average salary will decrease by 1.5 percent. Since the start of the survey in 2000, there has been a major setback for UK employees.
Salaries fell by 5.6 per cent due to inflation of 9.1 per cent despite a nominal increase in salaries. But in the U.S. in 2023, lower inflation will result in a one percent pay rise. Of the 37 countries where the survey predicts salary increases, the first eight are Asian countries.
Top 10 Countries and Salary Increases
1. India………………………….4.6%
2. Vietnam……………………4.0%
3. China……………………….3.8%
4. Brazil……………………3.4%
5. Saudi Arabia…………..2.3%
6. Malaysia………………………….2.2%
7. Cambodia……………….2.2%
8. Thailand……………….2.2%
9. Oman……………………………..2.0%
10. Russia……………………………..1.9%
The bottom five countries
1. Pakistan…………………-9.9%
2. Ghana……………………………..-11.9%
3. Turkey………………………….-14.4%
4. Sri Lanka………………………….-20.5%
5. Argentina……………………-26.1%