According to a survey by Mercer (Thailand), salaries in Thailand are expected to increase by 5% next year, slightly lower than the average of 5.2% across Asia.
- Salaries in Thailand are expected to increase by 5% next year, which is lower than the average in Asia.
- The automotive, life sciences, and high technology industries are projected to have the highest pay increases in Thailand.
- The government’s plan to increase the daily minimum wage may affect labor-intensive industries, prompting businesses to adopt automation and digital technology.
The prediction is based on a survey of 617 Thai and foreign companies operating in the country. The salary increases will be driven by the government’s stimulus package, efforts to boost business confidence, and tourism recovery.
The top three industries with the highest pay next year are automotive, life sciences, and high technology. Labour-intensive industries may be affected by the government’s plan to increase the daily minimum wage.
Businesses are advised to adopt robotics, automation, and digital technology to reduce costs. They should also adapt to work effectively with younger generations to tackle high turnover rates.
Salary growth in India is projected to reach 9.3% by 2024, surpassing the growth rates of other countries such as Vietnam (7%), Indonesia (6.5%), the Philippines (5.7%), Malaysia (5.1%), Singapore (4.2%), China (5.2%), South Korea (4.4%), Japan (2.6%), Taiwan (3.8%), and Hong Kong (3.9%).