Workers in Malaysia can expect a 5% increase in their median wages in 2023, according to the annual Total Remuneration Survey (TRS) 2022 report by Mercer.
As shared by Astro Awani, the asset management firm explained that the wage increase would return to pre-pandemic levels, as it was in 2019.
“This increase reflects growing confidence among employers about their business and overall market prospects,” they shared.
On top of that, Malaysia’s median wage increase will also exceed the Asia Pacific average of 4.4%.
“For the rest of Asia, the overall median wage increase reflects the difference in wage growth between developing and developed economies, with estimates as high as 7.1% in Vietnam to 2.2% in Japan, the lowest in the region,” they added.
Mercer shared that the retail and consumer goods industries are expected to see the largest increase in wage growth, with 5% in 2023.
Services sharing and outsourcing (SSO) and the high-tech industry will maintain a salary increase of 5% from 2022, indicating the relative stability of the 2 industries amid the pressure of inflation and supply chain issues.
“Employees, except those from high-tech industries, can also expect higher bonuses this year, based on Mercer’s mid-2022 projections. The retail industry can expect the biggest jump to 12.6%, compared to 8.1% in 2021 followed by the consumer goods industry with an increase to 16%,” they said.
Stay tuned for more updates.