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Workers in Philippines to see 5.5% salary hike in 2023

PHILIPPINES: The Philippines will see an average 5.5% increase in salaries in 2023, up from 3% the previous year. This marks a return of stability after years of below-average increases due to the pandemic, a new survey found.

Asset management company Mercer's Total Remuneration Survey 2022 polled over 100 companies across 22 countries and territories worldwide including the Western European Union, Japan and Asia Pacific.

“This return to the pre-pandemic level reflects continued growth among the businesses surveyed amidst a more positive outlook as (the) inflation rate is forecasted to decrease to 4.3% from this year’s high of 5.3%,” Mercer said.

The data also showed that the median salary increment in the Philippines is higher than other countries in the region at 4.8% above average.

“Salary increases are gradually increasing now that business activities in the Philippines are picking up post-pandemic," Floriza Molon, Mercer’s Career Business Leader for the Philippines said.

"But inflation hit a high this year and there was little to no real salary increase for employees. The situation will improve for 2023, as the market outlook is forecasted to improve with lower inflation rates. Employees will be able to benefit from some real salary increase, which will be welcome news for many.”

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