This region will see the highest wage growth in 2014: Survey
Wages are set to rise around 6 percent on average globally next year, with the rate of increase virtually unchanged from 2013, according to a new survey.
Latin America will see the highest growth in wages, with companies forecasting a rise of 10.6 percent, ECA's Salary Trends Survey 2013/2014, showed. Following closely are companies in Asia which foresee a rise of 9.7 percent.
"Latin America and Asia are the regions that will see the highest wage increases. However, inflation in those regions is also expected to be higher," said Lee Quane, regional director, Asia at human resources consultant ECA International.
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Companies in Venezuela, for example, are expected to give the biggest pay rises globally at 26 percent. However, the country is also expected to see 38 percent inflation next year, according to the International Monetary Fund.
Therefore, overall in Latin America, wage increases after inflation will average 1 percent – the lowest globally, Quane said.
The survey, which polled human resource managers and budget planners from 316 multinational companies worldwide,showed that companies in North America and Western Europe are predicting wage increases of around 3 percent and 2.7 percent, respectively.
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Meanwhile, companies in Australia are forecasting 4 percent increases for their staff, while employees in the Middle East see an average uplift of 4.8 percent.
From a global perspective, employers are remaining cautious given worries over the global growth outlook, and risks on the horizon such as the U.S. Federal Reserve winding down its monetary stimulus and continued uncertainty over the country' debt ceiling, Quane said.
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"This reflects ongoing concerns about the global economy, where companies don't forecast much of an increase in their revenues over the course of the next 12 months," he said.
"As such, they are being quite conservative as part of their compensation planning and they aren't proposing much of a change in terms of the rate at which employee salaries will increase next year versus this year," he added.
—By CNBC's Ansuya Harjani; Follow her on Twitter: @Ansuya_H