PH firms projected to have a 5.6% salary raise in 2022
Philippine companies are expected to increase the salary of employees by an average of 5.6% next year as the economy recovers from the pandemic, according to the Salary Budget Planning Report by insurance company Willis Towers Watson (WLTW).
In the survey, conducted between April and June with 266 companies as participants, WLTW found that local businesses are looking to raise their employee salaries due to hiring and retaining challenges in the workforce.
Next year’s pay rise will be higher than the five per cent average salary increase implemented this year and above the 5.3% 2022 projection for Asia Pacific companies.
Local medical technology labs are expected to give the biggest average raise at 7.3% in 2022 after this year’s 5.7%. This is followed by construction, property, and engineering companies with 6.2% from the 4.8% this year.
Meanwhile, pharmaceutical and health services firms and Business Process Outsourcing (BPO) providers are looking to hike their salaries by an average of 6.1%.
WLTW Philippines Rewards, Data, and Software Practice Leader Chantal Querubin said that companies may still adjust their salary budget forecast later this year as they monitor the local “economic landscape.”
