MalayMail/Bernama-Nov 20
The average salary in Malaysia is expected to increase by 5.1 per cent in 2024, according to Mercer’s Total Remuneration Survey 2023 released today. The growth, however, was slightly lower below the Asia average of 5.2 per cent, reflecting the varying pay progression between emerging and developed economies in the region.
The survey showed that India, Vietnam, and Indonesia are set to report the highest projected median salary increments in 2024 at 9.3 per cent, 7.0 per cent and 6.5 per cent, respectively. Japan, Taiwan, and Hong Kong are expected to register the lowest at 2.6 per cent, 3.8 per cent and 3.9 per cent, respectively. Other countries included in the survey are the Philippines at 5.7 per cent, China at 5.2 per cent, Thailand at 4.7 per cent, South Korea at 4.4 per cent and Singapore at 4.2 per cent. Mercer Malaysia market leader Koay Gim Soon said that despite the moderate economic growth experienced in 2023 compared to the previous year, Malaysia’s labor market continues to show a positive outlook, reflected in the uptrend in salaries. The survey, conducted between April and June this year, collected data from 668 multinational corporations (MNCs) across 15 industries in Malaysia. Overall, Malaysia’s median salary increases show a consistent uptrend, rising from 4.8 per cent in 2022 to 5.0 per cent in 2023.
The energy and high-tech industries are leading salary increases in Malaysia in 2023, with median salary growth of 6.5 per cent and 6.1 per cent, respectively, followed by consumer goods and manufacturing at 5.0 per cent. Read more at: https://www.malaymail.com/news/malaysia/2023/11/20/mercer-survey-average-salary-in-malaysia-to-increase-51pc-in-2024/103078
