Live in this country? Expect a 30% pay hike next year

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Companies in Argentina are predicting the biggest wage hikes in 2015, around 5 times the global average, according to a new survey.

Employers there expect to give their staff a near 30 percent pay rise on average, human resources consultancy ECA's 2014/2015 Salary Trends Survey showed, compared with the world average of 5.8 percent.

The survey, published on Thursday, is based on information collected from 340 multinational companies for 66 countries.

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Argentina's fat pay increase is not being driven by stellar corporate performance, however. Higher wages are a result of sky-high inflation in Latin America's third largest economy. A sharp currency devaluation in January has fueled inflation as businesses raise prices to adjust to the new exchange rate.

"Employers there are predicting 28 percent pay rises for staff next year on average. However, once inflation of over 27 percent has been factored in these large increases will have little impact on spending power," ECA said.

Rest of the world

As a region, employees in Latin America can expect to see the largest pay increments globally at an average of 11.4 percent, compared with 7.2 percent in Asia, 5.1 percent in Eastern Europe, 3 percent in North America and 2.5 percent in Western Europe.

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While company predictions "reflect ongoing concerns about the global economy," ECA said that pay increments should be slightly better next year.

The average expected wage rise of 5.8 percent is slightly up on this year's 5.6 percent.

China a bright spot

Staff in China will be among the best off globally, after adjusting for inflation, ECA said.

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Companies there plan to award 8 percent salary increases again next year, with employees based in Guangzhou set to get the most generous uplifts. Accounting for inflation, this amounts to 5.5 percent.

"Despite slower growth in China, wages continue to rise at a significant pace reflecting the ongoing need to attract talent. Each year we see the salary gap between Mainland China and Hong Kong narrowing, which is consistent with the general trend within the region of wage levels in developed and developing economies getting closer," said ECA.

Japan lags

Employees in Japan will see the region's lowest wage hikes next year.

While much of the 2.3 percent increase is likely to be eroded by inflation, many workers there will feel slightly better off in 2015 than this year when pay increases have, on average, been below inflation, ECA said.

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Japanese Prime Minister Shinzo Abe has been urging companies to increase wages as part of his campaign to beat deflation in the world's third-largest economy. A recent tightening of Japan's job market has prompted firms to up pay, however higher prices triggered by April's sales tax increase have eaten into incomes even with the higher wages.