CHINA TOPIX

11/04/2024 01:34:15 pm

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Private Companies in Shanghai Could Offer Up to 8 Percent Salary Raise This Year - Report

Shanghai's private sector are likely to give salary raise to employees

(Photo : Getty Images) The private sectors in Shanghai is likely to offer employees a salary increase of up to 8 percent this year.

Despite China's economic slowdown this year, Morgan McKingley, a recruitment service provider, reported that professional workers - particularly those working in the field of digital technology - are likely to see an increase in salary. Its current report reveals that country's salary in the private sector will increase between 5 and 8 percent.

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Those in the finance and accounting field as well as tech and Internet savvy are to expect a mark up of up to 8 percent. While those affiliated in information technology business, bonus and dividend will likely to be offered compensation for overtime works in high-pressure situations, according to the report.

With the growing consumer goods sector, especially for those with talents in digital and new media, as much as a 30 percent increase will likely be seen among e-commerce professionals, according to Robert Walters managing director Wang Qiang. For instance, a Shanghai-based cosmetic company digital marketing can see a steep jump from 450,000 yuan last year to 550,000 yuan this year, and FMCG company e-commerce business director from 900,000 yuan to 1.1 million yuan.

Between Beijing and Shanghai, the latter tends to be more generous on offering salary increase, according to recruitment agency Robert Williams. In fact, reports reveal that employees in Beijing will not likely see a raise this year and could even reduce some in the next few months. For example, a finance director's yearly income can reduce to 1 million yuan from 1.5 million yuan and an industrial company sales director from 2 million yuan to 1.8 million yuan.

However, for those not in line with the digital world, salary raise is not impossible as long as employees demonstrate certain professional aspects. 

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