Published: 19 January 2021
A total of 13 out of the 20 markets have decreased their average 2021 pay increase forecasts, with India noting the highest drop of the lot; employers in Singapore foresee an average salary increase of 3.5%, on par with peers in Hong Kong and Taiwan.
Employers in Asia Pacific are projecting salary increments to be at an average of 5.3% this year, as the region continues to navigate the COVID-19 pandemic.
According to Willis Towers Watson s latest Salary Budget Planning Survey report, companies were forced to revise their pay rise budgets downwards in 2020, leading to an average increase of 5.4% that year (vs 5.6% of actual salary increase in 2019).