Salary increase in 2024. How high (or low) will it be?

Salary increase in 2024. How high (or low) will it be?

Is 5 percent considered high or low for salary increment?

Well we can only answer this if we know what’s the salary amount right? Someone earning RM20,000 should think 5 percent is sufficient, Its an increase of RM1,000 per month. Meanwhile someone earning RM2,000 per month would feel 5 percent barely covers the increase in prices of many things. It’s just RM100 extra per month if it’s 5 percent of RM2,000 salary.

If Malaysians change job, they usually get a 20 percent increase in pay

This info on the salary increase when Malaysians change job came from an international recruitment agency, Ranstad. Article here: ranstad.com.my “49% of malaysians received a 20% or more salary increase when they changed employers.” Article about said this, “91% of Malaysians would change employers if they were offered a higher salary.”

Okay, let’s get back to reality. If we are not offered a higher salary to change jobs, the reality is that the increment is as follows:

Article in humanresourcesonline.net Malaysia’s projected salary increase is expected to be 5.1% for 2024, up from 4.8% in the previous year (2023), according to Mercer’s Total Remuneration Survey 2023.

The survey was conducted from April to June 2023, involving more than 660 multinational corporations (MNCs) across 15 industries in Malaysia.

Malaysia’s projected median salary increment falls under Asia’s average of 5.2%, reflecting the varying pay progressions between emerging and developed economies in the region, it was noted.

Here is a list of other countries that were included in the survey, and their anticipated median salary increment for 2024:

1. India (9.3%)
2. Vietnam (7.0%)
3. Indonesia (6.5%)
4. Philippines (5.7)
5. China (5.2%)
6. Thailand (4.7%)
7. South Korea (4.4%)
8. Singapore (4.4%)
9. Hong Kong (3.9%)
10. Taiwan (3.8%)
11. Japan (2.6%)

Do read for more details here:

According to Mercer Malaysia’s Market Leader Koay Gim Soon, over half of the survey participants expressed intent in increasing payroll budgets for both 2023 and 2024, bringing a positive sign to companies and their employees. Article in humanresourcesonline.net 

Do More, Learn More, Salary increase should soon follow

Ask ourself this question. “Am I doing better or doing more this year versus last year?” If the answer is no, then perhaps we need to reflect on why do we need to be paid higher.

If the answer is a Yes (I am doing better or doing more), then the next question is whether our employers sees this and paid us accordingly. If the answer is a No, then we need to ask ourself if it’s because of the employer or because of us.

If it’s because of the employer, then the next question is, “Why are we still working for this employer?” if the answer is I love this job, then I think you have no choice but to continue working here yeah. Just need to forget that salary part. If the answer is that we are unable to find another employer who is willing to pay us a higher salary, then ask ourself whether it’s us or the employer.

Employers want to hire talents. Talents want to join great employers. It’s a demand and supply thingy. So, if we know we are good, then we should have choices. If we have choices, then we should be able to demand for a higher pay. If we are able to demand for a higher pay, then it means that employers could see why they should pay us higher.

Else… do more, learn more and we can revisit this topic next year.

All the best!

Please feel free to share this article too. (links are all below) Thank you!

 Sign up for daily investment news updates (FREE since Nov 2013 and FOREVER). 

Alternatively, Follow me on Telegram here.

Please LIKE kopiandproperty.com FB page to get daily updates about the property market beyond kopiandproperty.com articles.

Else, follow me on Twitter here.