Average wage expected to rise globally in 2016
Global wages are expected to rise by their highest rate in three years, according to a salary forecast revealed by the Korn Ferry Hay Group. Research reveals that workers around the world are expected see real wage increases of 2.5% as pay increases combine with historically low inflation to leave employees better off.
The data was drawn from Hay Group PayNet which contains data for more than 20 million job holders in 24,000 organizations across more than 110 countries. It shows predicted salary increases, as forecasted by global HR departments, for 2016 and compares them to predictions made at this time last year regarding 2015. It also compares them to inflation predictions for 2016 from the Economist Intelligence Unit.
Despite instability in the region, the Middle East fares positively on the whole, which is great news for anyone looking to move there in the future! Jordan features in seventh position with a 5.3% average wage rise, but that pales in comparison to Lebanon, which with an 11.5% average wage rise is the highest in the world, when accounting for inflation. Other countries fare well too, with Qatar (2.9%) and Oman (3.1%) both being above the average, though the UAE and Kuwait’s very minor increases seems to signal a slowdown in growth compared to previous years.
The forecast looks especially positive for countries in the Far East, with Philippines (5.2% average rise), Thailand (6.1%), China (6.3%) and Vietnam (7.3%) all among the top ten. India rounds out the list, with an average wage rise of 4.3%, while Lithuania and Romania are the surprise packages, featuring at 9th and 5th respectively. Both countries are recent inductees into the Eurozone, and have experienced major economic growth in the past few years.
The full list of countries can be found here.
What does the global wage rise mean for you?
Does the list above influence which country you’d like to move to? Are you tempted to forgo the Middle East for a more exciting but less stable future in Vietnam? Or does Lebanon’s continual growth just give you another avenue to consider?
Wherever, you’re from, and wherever you want to go, Vital Legalisation can help take you there. We’ve been helping people acquire copies of and legalise their personal documents for almost ten years. If you’re ready to make the leap and move abroad, you can trust us to make sure your documents will be too. Interested? Call us on +44 (0)333 220 7369, or click here to go to our website and request a quote. We’ll get back to you as soon as possible.