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Salary levels in China are projected to rise this year as GDP growth is expected to remain stable in 2013 with job hoppers being able to pocket pay increases of up to 25%, a survey by Robert Walters found. People who remain in their jobs can still anticipate a pay increase, albeit at a lower level at 8%.
The survey found that pay hikes in China were lower in 2012 than in previous years. People changing their jobs last year were able to receive pay rises of between 15% and 20%, compared to up to 30% in 2011.
The survey also said that after headcount freezes in the financial sector last year, demand for staff is likely to return in 2013. Multinational finance institutes are particularly interested in hiring candidates with knowledge of the local market. The survey said that Chinese banks will expand in the country and will therefore require applicants with Mandarin skills.
The study projects the retail and luxury sectors to grow by up to 20% by 2015 with salaries jumping on an annual basis by 15% to 20%. Experts believe the Chinese luxury market will dominate the global market in three years’ time.