Malaysian professionals can expect to earn more due to salary increases in 2019 according to the “Compensation Planning 2019” by US-based technology-driven solutions provider and consultant, Mercer. Overall salary increase has been projected to remain stable at 5.2 in 2019 while surpassing developed countries such as Australia(2.6%), New Zealand(2.5%) and Japan(2%).
While most Malaysian industries are maintaining similar salary growth rates in 2019 except for the consumer goods industry which is expecting an increase of 0.3%. Increase in wages often mean that employers are having difficulty to fill vacancies, so consequently are increasing their benefits to both attract new talents and retaining their current employees. A statement by Mercer stated that “Life science and technology industries are the top highest pay and total cash increases for executive roles in 2019. Whereas for legal, finance and R&D(Research and Development) functions came up as the top three roles most likely to fetch increases.”
Currently, Malaysia’s economy remained competitive with 38% from Gen X and 44% of millennials are the main workforce in 2018. Mercer Malaysia chief executive officer Hash Piperdy stated that “The current focus on restructuring the economy, promoting diversity and raising productivity by the Malaysian government is taking light as the country takes progressive strides to be a highly competitive nation globally. This means an increasing focus by companies to further invest in building their workforce for the future.”
The latest studies determine key remuneration trends and make employment and pay increase forecasts for the coming year across Asia, the Middle East and Africa based on the Total Remuneration Surveys, Mercer’s flagship yearly compensation and perks benchmarking study participated by over 500 companies in Malaysia across 12 industries.
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