Foreigners working in China can expect to see pay rises in 2018, according to reports.
Global consulting firm ECA International said that China will dish out the world’s top salary increases this year despite the country’s slower economic growth.
"A forecast average rate of increase in the Chinese mainland of 6 percent is higher than the 5.5 percent awarded on average in 2017," Lee Quane, regional director of Asia at ECA International, said in a press release.
Another survey by recruitment firm Hays last month also predicted that workers in hot sectors such as IT, manufacturing, real estate and education will see more salary increases of 10-30 percent compared to 2017.
"We certainly expect a dynamic mix of government, academic and private sector activity to drive increased hiring over 2018, but also salary growth in a number of industries," Simon Lance, managing director for Hays China, told Metropolitan.
"Talents with skills across a wide range of areas, from artificial intelligence (AI) and cyber security to many areas of business, will see employers not only competing even more fiercely for talents, but also striving to develop the most effective retention strategies," Lance added.
Nicolas Fusier, operation director of the Dragonfly Group HR consulting firm, confirmed that salaries are increasing for foreign workers in hot sectors.
"Foreign employees working in specific IT areas like AI and virtual reality (VR) or in a digital sector, who have both traditional industry and digital experience, have seen a salary increase. Finance is still a safe bet," said Fusier.
He added, however, that the pay gap between foreign and Chinese workers within the same level and sector is tightening as competition increases.
"More and more Chinese returnees can replace foreign workers because they have strong knowledge and working experience. They can easily interact in China and abroad. Besides, the gap has to be justified. It's really not a question of nationality," said Fusier.
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Keywords: foreigner pay rise China China salary increase 2018
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