The highest global salary increase budgets for 2014 are in Brazil, China and India, at 7.2%, 8.2% and 10.5% respectively, according to research by WorldatWork.
Its 2014-2015 Salary budget survey found that these three countries are projecting similar salary increase budgets for 2015.
The research found that 16 of the 17 countries analysed reported 2014 salary increase budgets at or above 2013 levels.
Salary increase budgets in other surveyed countries included:
- Mexico – 4.4%
- Singapore – 4.3%
- Australia – 3.7%
- Canada, Germany, UK and US – all 3%
- Netherlands – 2.9%
- Italy – 2.8%
- France – 2.7%
- Belgium – 2.6%
- Japan – 2.5%
- Spain – 2.4%
- Switzerland – 2.3%
Alison Avalos, research manager at WorldatWork, said: “Differences in planned pay increases between surveyed countries reflect the variance in economies and labour markets around the world.
“Countries that reported leading average pay increase budgets are not necessarily leading the market; undeveloped and developing countries, those experiencing a very tight labour market, and/or those subject to mandatory pay increases, for example, will generally report the highest average increases.
“When looking comparatively at data from year-to-year, growth in budgets for pay increases reflects the degree of upward pressure on wages.
“Since WorldatWork started gathering global data, the rate of growth for all countries has been limited, indicating that there has been no major change in the degree of upward pressure on wages for any surveyed country.”