Thai employers optimistic about 2023 salary increments

Employees in Thailand can expect a median of 4.5% salary increments for 2023, a new research by asset management firm Mercer found. This is similar to the actual increase given out in 2022, following better economic conditions and highlighting a return to pre-pandemic levels.

The Total Remuneration Survey 2022 by Mercer polled over 600 organisations across 15 industries in Thailand between April and June 2022.

Across the industries surveyed, none have projected a reduction in salary increment.

The chemical, high tech and life sciences industries are projected to see the highest increment at 4.9%, 4.8% and 4.8% respectively. Since the pandemic hit, the forecasted increase across most industries is the closest they have been to pre-pandemic levels of 5%, with the exception of the automotive and life insurance industries.

Employees in the country could expect a bonus payout of 1.3 to 2.5 months, with the highest median payout of 2.4 months coming from the life sciences industry, the report said.

“These salary increments are keeping pace with inflation, and coupled with the recent increase in the minimum wage of 5% in Thailand, lower-wage workers could allay some of their fears related to higher costs of living,” Mella Daracan, Mercer’s Career Products Business Leader for Thailand said.

“While this minimum wage increase may impact inflation with more money exchanging hands and add further pressure on businesses, Thailand’s overall economic outlook remains favourable, compared to the last couple of years.”

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Chief of Staff Asia