In the final quarter of 2008 and early January 2009, most companies throughout Asia responded to the global economic crisis by freezing salary increments but this may be changing, albeit, gradually…. Most Malaysian insurers did pay bonuses and provide reasonable increments to their staff last year, which was not bad considering the contagion effects of the world economic crisis hitting Asia towards the last two quarters of 2008. Things are surely improving as the Malaysian stock markets brought back some cheers towards the second quarter of this year. The year 2009 did surprise us all – the industry went through it all very well! So, we hope to have some similar surprises for our bonus and increment!
Take a look at Hewitt Associates’ 2009/2010 Asia-Pacific Salary Increase Survey:
|Country||% of average base salary increment|
(Accordingly, the salary increments for 2009 were the lowest in the last four years, and these figures include those promotion related increments. Then, there were limited numbers of promotion noted in 2009)
This table should be good guide for most employees – if you are the average worker type, getting an increment around those targeted figures should be a soul-satisfaction. Nevertheless, if you think you had performed well, then you should be getting, said a 10% to 15% more than those average figures. If you were given a promotion come this year 2010, a 25% add-on to the figures should be a realistic bet.
Finally, do not place too much hope on those figures, as the insurance industry was never known for its generosity for paying anything above the market averages. Then, if you do not get a raise, consider some moonlighting tasks……. You boss may just sanction them.