Thursday, December 31, 2009

Asian property firms expect to raise bonus, pay

MANY Asian real estate companies expect to pay higher year-end bonuses and wage increases, according to a survey sponsored by the Asian Public Real Estate Association.

Thirty-four real estate companies and funds took part in the survey, which showed that the expected increase in base salary is 1.7 per cent on average.

Companies that expect to have done better this year reported a higher expected base salary increase of 4.3 per cent on average.

Last year, the average year-end salary increase provided among all survey participants was 1.2 per cent.

The trend is similar for bonuses. Across all survey participants, the average projected bonus increase is 8 per cent – a significant increase given the average projected bonus change last year was minus 17 per cent.

Companies that expect to have done better this year are projecting a bonus increase of 21 per cent, while those that expect to have done worse are projecting a 2 per cent cut in bonuses.

Looking at individual markets, on average across all survey respondents, employees in China and Singapore are expected to receive larger salary increases (2.7 and 3.1 per cent respectively) than those in Australia (0.5 per cent), Hong Kong (1.6 per cent), and Japan (1.5 per cent).

In terms of expected bonus increases, across all survey respondents, China again stands out with an average expected increase of 13 per cent, compared with Australia (4 per cent), Hong Kong (8 per cent), Japan (5 per cent) and Singapore (8 per cent).

The survey, carried out in early November, covered trends in cash compensation – including timing, compensation mix and year-on-year changes in cash compensation, as well as base salary changes and annual incentive or bonus payouts by financial performance, organisation level and geographic location.

Source: Business Times, 31 Dec 2009

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