Employees in South Africa can anticipate 7% salary increases in 2014, according to results from the latest Salary Trends survey by ECA International.
Once predicted inflation figures for 2014 are factored in these increases are likely be approximately 1,5% in real terms – slightly higher than this year’s real wage rises of just over 1%.
Worldwide, the highest pay rises in the survey are being forecast, again, by companies in Venezuela. Employers there are predicting 26% pay rises for staff next year on average.
Companies in Switzerland and Greece are forecasting the lowest wage increases. Employees there can expect salary rises of around 2%. However, despite these low increases little, if any, of this is likely to be eroded by inflation in contrast to many of their peers who will be worse off than them in real terms.
Global wages will rise almost 6% in 2014 on average according to company forecasts from around the globe, with most employers setting increases at the same or very similar levels to this year.
Asia and Latin America are the regions that will see the highest wage increases, with companies there forecasting rises of approximately 10% and 11% respectively. However, inflation in those regions is also expected to be higher. In Latin America, for example, increases after inflation will average at just below 1% – the lowest globally.
In Asia, the highest salary increases next year will be given by companies in Pakistan. They are forecasting 13% salary hikes for their staff in 2014. Even with predicted inflation of 8%, employees there are also set to
receive the second-highest “real” increases in Asia after China.
Companies in Mainland China are predicting salary increases of 8% in 2014. Allowing for inflation, Chinese workers will see a 5% increase in real terms – the highest in Asia and among the highest worldwide.
In both the US and Canada, companies are predicting 3% wage increases, while those in Europe are forecasting 3,5% rises next year. Companies in Australia are forecasting 4% increases for their staff in 2014 while
employees in the Middle East are set to see an average uplift of 4,8%.