India expected to lead salary hike in the world in 2023; ECA’s Salary Trends Survey
According to a recent ECA’s Salary Trends Survey, India is set to see the highest rise in real salaries in the world despite a sharp rise in inflation worldwide. The ECA’s Salary Trends Survey, based on information collected from over 360 multinational companies in 68 countries and cities, sees just 37 per cent of countries globally expecting to report real-term wage hikes.
Real time wage hike means the nominal increase in wage - rate of Inflation.
The ECA Salary Trends Survey expects Pakistan with its high rate of inflation will be the worst performer with a decline in real wage of 9.9%.
According to the ECA Salary Trend Survey, the worst hit region is expected to be Europe, with the United Kingdom expected to fall by 4% in real terms 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.
In the survey ,Asian nations make up eight of the top 10 countries forecasted to see real salaries rise, led by India, up 4.6%, Vietnam rising 4.0% and China up 3.8%.
These are the top 5 countries and their predicted real-terms salary increases in 2023:
- India (4.6 per cent)
- Vietnam (4.0 per cent)
- China (3.8 per cent)
- Brazil (3.4 per cent)
- Saudi Arabia (2.3 per cent)
And the bottom five, with their expected decreases:
- Pakistan (-9.9 per cent)
- Ghana (-11.9 per cent)
- Turkey (-14.4 per cent)
- Sri Lanka (-20.5 per cent)
- Argentina (-26.1 per cent)
Employment Conditions Abroad Limited was set up in 1971 in London, United Kingdom by 24 multinational companies.
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