Malaysia to see 3.2% real wage growth in 2018

Real wages in Japan fell 2.9% in September from a year earlier, and while summer bonus payments grew at the fastest pace in 23 years, it coincided with a slump in consumption, suggesting households were not confident enough to boost spending - AFP Photo.

KUALA LUMPUR: The average salary in Malaysia is expected to grow by 3.2% in 2018, an increase over the 1.3% growth recorded in 2017, said global management consulting firm, Korn Ferry Hay Group (Korn Ferry).

In a statement today, Korn Ferry projected that financial services, construction and property development and management industries, are expected to record the highest salary increases, while sectors such as health and life sciences, oil and gas and industrial products would register the lowest growth.

“With inflation rising in most parts of the world, we're seeing a cut in real wage increases across the globe.

“The percentage of salary increase or decrease will vary by role, industry, country and region.But, one thing is clear, on average, employees are not seeing the same real pay growth they did even one year ago,” said Korn Ferry Global Head of Rewards and Benefits Solutions, Bob Wesselkamper.

The firm added that average bonus levels are also expected to decline slightly in 2018 to 2.5 months, from the 2.6 months recorded this year. - Bernama