Wage increases lagging behind

Wage increases lagging behind

Belgian workers will enjoy an average increase in their wages of 1.7% in 2016, reveal the global management consulting firm Hay Group on Friday. Belgium is lagging behind its neighbours, and more generally ranks below the international (2.5%) and European (2.8%) averages.

“A growth rate of 1.7% points to continuing wage moderation in 2016. Governments policies aimed at improving international competitiveness via wage moderation by dropping the automatic adjustment mechanism, mean that salaries will not automatically increase with prices. Therefore an automatic increase in all salaries is out of the question for 2016, adds the group.

In Europe, the economic stimulus results in expected wage increases of 2.8% on average. Our neighbours Germany (2.9%) and Luxemburg (2.9%), the UK and the Netherlands (2.5%), as well as France (1.9%) will enjoy similar hikes.

Globally, the group expects wage increases of 2.5% in 2016. “In spite of the downturn in China, Asia has performing economies with an average growth rate of 6.4%, due to growing demand for highly qualified staff and to middle classes appearing on emerging markets.”

Korn Ferry Hay Group analyses pay expectations every year. Their report is based on the Paynet database covering over sixteen million workers in 100 countries.

(Source: Belga)

Latest News

Copyright © 2021 The Brussels Times. All Rights Reserved.