PTY BU SUP Mar19
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<strong>BU</strong>SINESS <strong>SUP</strong>PLEMENT<br />
WAGES GROWTH IN<br />
THAILAND EXPECTED<br />
AT AROUND 5.5 PERCENT<br />
Real salary growth and wage<br />
stagnation are a hot topic across<br />
the globe as wage and salary<br />
earners struggle to keep pace with<br />
the rising costs of living. Yet there’s<br />
relatively good news for Thailand’s<br />
workforce in the recent release of<br />
the Korn Ferry 2019 Global Salary<br />
Forecast.<br />
Korn Ferry has Thailand in fifth<br />
position out of 110 countries when<br />
it comes to real salary growth for<br />
2019, the 5.5 percent expected<br />
increase placing it behind the<br />
Ukraine, Turkey, India and Vietnam<br />
and tied with<br />
Azerbaijan. Rising<br />
inflation, expected<br />
at 1.6 percent,<br />
will restrict real<br />
salary growth<br />
down<br />
to 3.9 percent.<br />
Thailand’s economy expanded<br />
at its fastest pace for six years in<br />
2018 with GDP growth estimated<br />
at around 4.5 percent. Unemployment<br />
sits at a low of 0.9 percent,<br />
although this figure is often<br />
skewed by the number of people<br />
who simply choose not to work for<br />
any length of time and rely on family<br />
and friends for financial support.<br />
GDP is expected to drop slightly<br />
this year to 4.3 percent.<br />
In global economic terms, it appears<br />
Thailand is well-placed in a<br />
general sense to ride out the looking<br />
signs of a worldwide economic<br />
slowdown and the impact of potential<br />
trade wars as well as inevitably<br />
rising interest rates.<br />
Korn<br />
Ferry’s<br />
forecasts<br />
uses a massive pay<br />
database which holds data<br />
on around 20 million employed<br />
people in 25,000 organisations in<br />
110 countries.<br />
With this information in mind,<br />
Korn Ferry notes that Asia will<br />
probably be the region which witnesses<br />
the highest real salary<br />
growth with an overall expected<br />
rise of around 2.6 percent for<br />
2019. Eastern Europe is looking at<br />
a two percent rise.<br />
The company makes it clear<br />
that while inflation indices are a<br />
strong benchmark for looking at<br />
market trends when it<br />
comes to wages<br />
and salaries, it<br />
suggests organisations<br />
need<br />
to take<br />
a broader perspective<br />
by setting<br />
their own benchmarks according<br />
to local trading conditions.<br />
So-called flat-lining<br />
in wages growth has<br />
been a feature<br />
of the overall<br />
global workplace<br />
ever<br />
since<br />
the Global<br />
Financial<br />
Crisis (GFC)<br />
which reared<br />
its ugly head just<br />
over a decade ago<br />
and whose effects<br />
are clearly still being<br />
felt.<br />
Read Online At<br />
www.thailand-business-supplement.com<br />
䘀 刀 伀 䴀 㐀 Ⰰ㈀ 㜀 Ⰰ<br />
吀 䠀 䈀 伀 一 䰀 夀 ℀<br />
∠ 㘀 ─ 最 甀 愀 爀 愀 渀 琀 攀 攀 搀 ⼀ 礀 攀 愀 爀<br />
∠ 䐀 甀 爀 椀 渀 最 アパート 礀 攀 愀 爀 猀<br />
∠ 䴀 愀 渀 愀 最 攀 搀 戀 礀 圀 礀 渀 搀 栀 愀 洀 䜀 爀 漀 甀 瀀<br />
∠ 䈀 甀 椀 氀 琀 戀 礀 愀 琀 爀 甀 猀 琀 攀 搀 搀 攀 瘀 攀 氀 漀 瀀 攀 爀<br />
∠ 䜀 爀 攀 愀 琀 氀 漀 挀 愀 琀 椀 漀 渀<br />
∠ 䘀 爀 攀 攀 栀 漀 氀 搀 漀 眀 渀 攀 爀 猀 栀 椀 瀀<br />
∠ 㔀 猀 琀 愀 爀 猀 猀 攀 爀 瘀 椀 挀 攀 猀 愀 渀 搀 昀 愀 挀 椀 氀 椀 琀 椀 攀 猀<br />
伀 䘀 䘀 䔀 刀 䔀 䐀 䈀 夀<br />
嘀 䄀 唀 䈀 䄀 一 刀 䔀 䄀 䰀 䔀 匀 吀 䄀 吀 䔀<br />
倀 䄀 吀 吀 䄀 夀 䄀 䀀 䌀 伀 䴀 倀 䄀 一 夀 嘀 䄀 唀 䈀 䄀 一 ⸀ 䌀 伀 䴀<br />
⬀ 㘀 㘀 ⠀ ⤀アパート 㠀 ㈀ 㔀 㜀 ㈀ 㤀<br />
Email: ben.hightowerltd@gmail.com<br />
www.Thailand-Business-Supplement.com
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