Nearly half of employers in Thailand (47%) said they intended to increase salaries by 3-6% this year, according to research from Hays.

At the same time, 22.9% of employers surveyed reflected plans to increase salaries by up to 3%, 16.9% were confident in providing raises of up to 10% for staff, while 4.8% were willing to give raises surpassing 10%.

On the other hand, 7.2% of employers expected no changes to wages in the coming year, while 1.2% forecasted a decrease in salaries for workers.

On the hiring front, most employers in Thailand expect headcount to increase, with 40.5% expecting to grow their permanent workforce this year while 22.8% plan to hire more contract staff in 2024.

As for bonuses, over half of employers (56.6%) also indicated plans to give bonuses in 2024. 

In terms of employee expectations, 31.5% of employees expected to receive a raise from between 3 and 6%, while 27.9% expected higher increments from 6 to 10%. Moreover, 21.8% felt that they would receive raises surpassing 10%. Meanwhile, 12.1% of employees foresee no changes to salary this year while 6.7% braced for pay cuts.

“In the face of subdued economic growth forecasts for the upcoming year, employers and employees are bracing for the impact this will have on revenue and overhead,” said Tom Osborne, Managing Director, Hays Southeast Asia. “The crucial factor of success lies in how companies and their workplace navigate these challenges and ongoing skill shortages.”