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Asia's wage hikes to accelerate in 2023

Surveys show pay raises likely to beat price rises as employers eye retention

The skyline of Mumbai's financial district. India is expected to see some of the region's biggest pay raises next year.   © Reuters

SINGAPORE -- Workers in Asia are set to see bigger salary bumps in 2023 as persistent inflation and a labor crunch put upward pressure on pay, recent studies show.

From India to Vietnam, employers have been compelled to enhance compensation packages or risk losing talent to rivals. Expected pay hikes are also on track to beat inflation forecasts for 2023, providing hopes for real income growth in Asia after living costs surged this year.

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