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According to Mercer’s 2023 Total Compensation Survey, average salary growth in Malaysia is expected to be 5.1% in 2024, slightly lower than the Asian average of 5.2%.
India, Vietnam and Indonesia are expected to have the highest median wage increases in 2024, at 9.3%, 7.0% and 6.5% respectively. Japan, Taiwan and Hong Kong are expected to have the lowest growth rates, at 2.6%, 3.8% and 3.9% respectively. The survey, covering 668 multinational companies in 15 industries in Malaysia, showed that the energy and high-tech industries will lead salary growth in 2023, at 6.5% and 6.1% respectively.
Bonus expenditures by industry in 2023, the retail industry bonus is expected to decrease from 2.5 months to 1.5 months, while the high-tech industry bonus is expected to increase from 1.8 months to 2.2 months.
(Source: mysmarthome Image source: freepik)
