Study shows that across Asia Pacific, salaries are expected to increase by 2017.
According to a report from Global solutions company Willis Towers Watson Philippine salaries will increase by about 6.5 percent as being projected.
Starting January 2017, a wage increase of 5% will be given to OFWs working in Taiwan. representative office in Taiwan announced.
According to Jbsolis.com:
Manila Economic and Cultural Office (MECO) Chairman of the Board Angelito Banayo, in an interview during the 105th National Day Reception of Taiwan at the Sofitel Philippine Plaza Manila, said that the government of Taiwan had finalized the 5.0-percent hike in minimum wage.
He said, “Starting January 1, there will be 5.0 percent increase in salaries for all our OFWs. This is good news”.
The current minimum wage in Taiwan is at NT$ 20,008 or around P30,771.
“Starting 2017, it will be NT$ 21,009 or an increase of NT$ 1,001 equivalent to roughly P1,500 per month,” the MECO chair added.
As per the data of the Bangko Sentral ng Pilipinas the remittances from Taiwan in January to July this year amounted to $166.9 million, an increase of 15.3 percent from $144.7 million in the same period last year.
The study reported that Pakistan will receive 10.2 % increase which considered as highest salary increase by next year ,followed by countries Bangladesh with 10% and India with 10%. However, Japan is predicted to have the smallest increase of salary with 2.3%.
Economic Research Institute (ERI) also conducted study for 2017 salary increase projections. According to their official website, data from publications, government resources and over 25, 000 companies were assessed in their review.
INDONESIA - 9%
CHINA - 7%
PHILIPPINES - 6.3%
TAIWAN - 5%
HONGKONG -4 %
SINGAPORE - 4%
JAPAN - 2.3%
Pakistan will lead as the country with highest salary increase, followed by India and then Vietnam.