Growth forecast for salaries in Asia-Pacific region
Moderate salary growth is expected to continue in the coming year, according to a recent survey conducted by Towers Perrin. The human resources solutions provider received responses from 900 companies in the Asia-Pacific region. The results show absolute growth rates are expected to be 'slightly higher' than last year - with the financial sector experiencing the largest increases. The raises are projected to be highest in India (15 per cent), followed by Indonesia (12 per cent), the Philippines and the mainland (both 9 per cent). Hong Kong's projection is at 5 per cent.
Inequality, environmental problems top challenges
Environmental problems and inequalities have been cited as the main employment challenges faced by East Asian markets, according to the 2008 Global Employment Trends report by the International Labour Organisation, (ILO), a specialised agency of the United Nations. The report said almost 72 per cent of all people of working age were employed last year, giving East Asia the world's highest employment-to-population ratio. The ILO called for efforts to reverse the rising levels of inequality observed in some countries. Rapid economic development has not been matched by significant progress in the reduction in long working hours, better safety and rights at work. The organisation also expressed concern that fast-increasing environmental issues could constrain economic development.