PH salary to increase by 5.7% in 2023
Salary budgets for employees are projected to increase by 5.7% in the Philippines in 2023, according to global advisory and solutions company WTW.
In WTW’s Salary Budget Planning Report, the slight pay increase was attributed to the tight labor market and rising inflation concerns in Asia-Pacific (APAC).
For 2022, Philippine firms were reported to budget their employees a 5.5% salary increase.
WTW Work and Rewards Leader Patrick Marquina said, “Compounding economic conditions and new ways of working are leading organizations to continually reassess their salary budgets to remain competitive.”
He added that it is “imperative for organizations not only to have a clear compensation strategy but also a keen understanding and appreciation of the factors that influence compensation growth,”
The Philippines was fourth overall among 14 APAC countries for salary increases in 2022 and 2023.
The highest budgeted salary increase was logged in India, at 9.5% and 10% for 2022 and 2023, respectively.
On the other hand, Japan recorded the lowest salary increase, with 2.5% in 2022 and 2.6% for 2023.
