Salary increases are expected for employees in the Philippines for 2024 to counter the impact of inflation and to attract and retain top talent in a competitive job market, reports Business Mirror, citing a survey conducted by global human resources consulting firm Mercer. Based on Mercer's Total Remuneration Survey (TRS) 2023, employees in the Philippines can expect a median salary increment of 6.2% for 2024, up from 6% in 2023.

The research noted that 'the projected hike in median salary increment can be attributed to factors such as the rising demand for skilled professionals, the need to attract and retain top talent in a fiercely competitive job market, and persistent inflationary pressures.’ As for the salary increments across industries in the country, the energy sector is projected to record the highest salary increase at 7%, followed closely by high tech at 6.8%, retail and wholesale at 6.7%, and consumer goods at 6.5% as these industries continue to invest more in their 'talent management strategy including promotions and market adjustments,' Mercer noted.