India is set to see the highest global salary increase, by 4.6 per cent, in 2023, according to a survey by workforce consultancy ECA international, as reported by India Today. Asian nations make up eight of the top 10 countries forecast to see real salaries rise. This comes at a time when average salaries fell by 3.8 per cent in 2022.
ECA’s salary trends survey is based on information collected from over 360 multinational companies in 68 countries and cities, Bloomberg reported.
India, Vietnam (4.0 per cent), China (3.8 per cent), Brazil (3.4 per cent) and Saudi Arabia (2.3 per cent) are the nations expected to see wage hikes in 2023, while Pakistan (-9.9 per cent), Ghana (-11.9 per cent), Turkey (-14.4 per cent) and Sri Lanka (-20.5 per cent) are expected to see the highest decreases.
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According to the survey, only 37 per cent of countries are expecting to report real-term salary hikes as soaring inflation will put a major dent in salary increases in 2023. The worst-hit region is likely to be Europe.
UK employees suffered their biggest hit this year since the survey kicked off in 2000. Despite a 3.5 per cent average nominal pay increase, salaries in real terms fell 5.6 per cent due to 9.1 per cent average inflation. They are set to tumble by another 4 per cent in 2023.
In the US, a real-terms drop of 4.5 per cent this year is expected to be reversed by falling inflation next year, translating into a 1 per cent real-terms salary hike.
