Thai workers to see modest 4.9% pay hike in 2024: study
Employees in Thailand will see wages rise by an average 4.9% this year, lower than most regional rivals, according to management consultant Aon Plc's latest survey.
Aeon forecast a slight rise from 4.7% in 2023 but lower than in Indonesia (6.5%), the Philippines (5.5%) and Malaysia (5%). Singapore wages are expected to rise 4%.
Vietnamese workers will see a whopping 8% salary rise this year, compared with 7.5% in 2023, the survey projected.
Aeon said the modest growth in Thai workers’ pay was due to a slowdown and uncertainty in the Thai economy.
“Salary adjustment for employees has become a challenge for many businesses trying to maintain their competitiveness,” said Rahul Chawla, Aeon’s head of Talent Solutions for Southeast Asia.
“One of the strategies to ensure success is to maintain a flexible manpower structure,” he added.
Aeon forecast Thai retail workers will see the biggest salary rise this year at around 6.1%, followed by those in the technology field (6%), bioscience and medical equipment (5.9%), production (5.8%) and financial services (4.8%).
It also revealed that about 14% of Thai workers quit their jobs in 2023, dropping from 15.4% the previous year.
That compares with 15.1% in Indonesia (15.9% in 2022), 17.5% in the Philippines (18%), 16.2% in Malaysia (14.9%), 16.5% in Singapore (19.6%), and 13.8% in Vietnam (15.2%).
