Pay freeze and Increment… 2010

Thinking of Pay-Rise? Talking to your boss? You may be lucky this time around!

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
1. India

6.3

2. Indonesia

6.0

3. China

4.5

4. Philippines

4.3

5. Malaysia

4.1

6. Singapore

1.8

7. Hong Kong

1.4

8. Japan

1.2

(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.

 

 

Sam, tell you what! Our company cannot afford to give you a raise... anyway, if you care to earn some extra income, you can volunteer to wash my private jets


 

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6 comments for “Pay freeze and Increment… 2010

  1. HR
    January 28, 2010 at 08:45

    Generally for Malaysia non-life insurance market, the recent pay rise % was noted at 5.2%, some 1.1 percentile points higher than your prediction.

  2. jack
    January 13, 2010 at 00:31

    You know sugar price increase abit only, those assholes increase the teh tarik by 20 cents….and this is some 20%! Hopefully, pay can also goes up by 20%!

  3. Anonymous
    January 7, 2010 at 09:15

    Working in Indon would be best bet, in USD and average increment @ 6%. Of course, with beautiful girls and cheap & good food.

    • Anonymous
      February 23, 2010 at 18:36

      Love this! Cheap food and women.

  4. Anonymous
    December 28, 2009 at 20:45

    Wah lau ahh! Only 4.1% increment on my meagre monthly pay, certainly not enough to feed myself, not to mention my children lah

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