6.2% Salary Increase in the Philippines for 2024 According to Mercer

Salaries in the Philippines are likely to see a 6.2% increase in 2024, according to Mercer’s recent survey. The rise is driven by a demand for skilled professionals, as companies aim to retain competitive talent in the market. Inflation is also a contributing factor to this upward trend.

Mercer’s findings specify that employees in the energy sector may experience a higher increase of 7%, while those in the tech (6.8%), retail (6.7%), wholesale (6.7%), and consumer goods (6.5%) sectors are also expected to see salary hikes.

Notably, the Philippines is surpassing the average salary increase projected for other Asian countries like India, Vietnam, and Indonesia in 2024.

Mercer’s survey reflects a positive salary outlook for Asian employees in 2024, indicating ongoing economic recovery. The average salary increments across Asian markets are expected to be 5.2%, slightly higher than the forecast for 2023 (5.1%) and the actual increase observed in 2022 (5%).

The survey, conducted between March and August, gathered data from multinational corporations across 12 markets and 15 industries in Asia, offering comprehensive insights into salary trends. Industries such as Transportation Equipment and Banking/Financial are projected to have the highest salary increases.

India leads the pack with the highest forecasted salary increase of 9.3% in 2024, followed by Vietnam (7%), Indonesia (6.5%), and the Philippines (5.7%). Other Asian markets like China-Shanghai (5.2%), Malaysia (5.1%), and Thailand (4.7%) are also expected to experience healthy salary growth. On the flip side, Japan (2.6%) has the lowest projected salary increase, with Taiwan (3.8%), Hong Kong SAR (3.9%), and Singapore (4.2%) following suit. South Korea and Vietnam are the only markets forecasting a slight decrease from 2023.