If wages are increased by 10 percent, then the wage increase will be 0.5 percent higher than last year. Also, this will be the largest increase in the Asia Pacific region. Last year, companies increased employee wages by 9.5 percent. According to the report, about 58 percent of the companies in the country are working on salary increment budget. Also 24.4 percent companies are not considering salary increase. Also, 5.4 percent of the companies say that they will cut wages.
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There are expectations that there may be a ten percent increase in India. The salary increase in China may be 6 percent. Hong Kong is likely to see a 4 percent wage hike and Singapore 4 percent. 42 percent of the companies expect the business outlook to be positive in the next year. Also, 7.2 companies are predicting that the business outlook may be negative in the next year.
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Also, the report states that more people can get employment in the IT sector. The recruitment growth in the IT industry could be 65 percent. Also in second place is engineering. In this, the increase in recruitment may be 52.9 percent. Later, there may be more recruitments in the fields of sales, technically skilled trade and finance in the coming days.
And the attrition rate is also high in India. Employees are voluntarily quitting their jobs. That means they are changing jobs. The attrition rate is 15.1 percent in the country. Next is Hong Kong. The report states that the attrition rate has decreased over the past year due to wage increases. That is why companies are going to rely on wage hikes to reduce the attrition rate in the next year as well.
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