Need a raise? Average salary increase rate dips for 2014

Forecast for 2015 is even lower.

Is your salary going to increase this year? The latest pay report by the global management consultancy Hay Group says yes.

But premature celebrations are not in order. The average salary increase rate for 2014 is pegged at 4.3%, a significant drop from last year’s actual salary increase rate of 4.9%.

Salary increase rates are set to go further downhill in the next year. “The forecast for 2015 is a slight 0.1 percent lower than the previous 12 months as 11 percent of organisations are expecting business performance to be worse than targeted levels in 2014, signalling increasing uncertainty on global economic conditions,” noted Victor Chan, Hay Group’s Regional General Manager (ASEAN) for Productized Services.