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China will remain top in terms of annual salary growth across Asia during 2014, with particularly high levels of growth expected in the hi-tech and financial sectors, according to international recruitment agency Hays, reports wantchinatimes.com.
In its Asia Salary Guide 2014, the recruitment firm stated that 67% of Chinese employers responded that they would increase their employees’ salaries by more than +6% in 2014, compared with only 29% of employers in other Asian countries.
Christine Wright, Operations Director of Hays in Asia, said that Asia would be the region boasting the highest salary hikes globally in 2014, and China, which was experiencing a serious shortage of advanced talent, would top the regional list with the steepest salary growth.
Simon Lance, Hays’ Regional Director in China, noted that the salaries of domestic workers were expected to grow by +6% on average this year, while the financial sector would see a rise of between +10% and +15%. Hi-tech workers may even see a rise of between +15% and +20%, he added.
He attributed the fast growth of Chinese salaries to domestic businesses venturing into the overseas market, which has boosted demand for skilled workers with the ability to speak foreign languages.
A survey conducted by Chinese recruitment agency 51job also showed that 74.9% of Chinese businesses plan to enhance their employees' remunerations in 2014, while Chinese salaries would rise by +8.8%.
The growth, 51job noted, was only slightly higher than the +8.6% growth seen last year because the global economy is recovering slowly and employers are being cautious about raising salaries.