Marginal rise in salaries next year
Despite the global economic downturn, Malaysian Employers Federation (MEF) predicts an increase of 5.33% and 5.58% in salaries for executives and non-executives respectively next year. 69% of the respondent companies forecast that they will be salary increase for next year. Eventhough the figure is not like what we have been enjoying for the past few years, given the economic scenario I think it is better than nothing.
Based on the statistics release by MEF, non-manufacturing sector is expected to see higher salary increase both for executives and non-executives next year.
Asked about retrenchment, the MEF Executive Director said if it does happen, the first to go will be the foreign workers.
It was revealed that industries forecasting a high salary increase for its executives in 2009 are :
- Machinery manufacturing (7.5%)
- Pharmaceutical/Medical/ textile products (7%)
- Logistics/ Port/ Transport (6.3%)
- Banking/Insurance/Investment (6.25%)
- Business Services (6.19%)
Industries forecasting a high salary increase for its non-executives in 2009 are :
- Banking/Insurance/Investment (6.75%)
- Business Services (6.06%)
- Non Metallic mineral products (5.92%)
- F & B (5.86%)
- Petroleum/Chemical (5.81%)
Based on the same survey also the estimated bonus payout for executive and non-executives is 1.98 months and 1.78 months respectively.
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Filed Under: Career News • Employment
