34.6% of PHL firms cut salary budgets for 2024

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DESPITE the economy rebounding, over one-third of organizations (34.6 percent) in the Philippines reported that their salary budgets for the 2024 cycle were lower than the previous year, according to the latest Salary Budget Planning Report by WTW, a leading global advisory, broking and solutions firm.

With this, the report said overall salary budget increases are expected to remain flat at 5.6 percent in 2025 in the Philippines.

As to the salaries for technology-related roles, WTW said these have increased by 10.28 percent from 2022 to 2023, reflecting a “strong demand for critical talent.“The highest-paid management roles are in Functional/Business Area, Information System [IS] and Cyber Security Development, and IT Architecture [Systems Design],” the firm noted.

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Article Details

Author / Journalist: Andrea E. San Juan

Category: BusinessStartups

Markets: Philippines

Topics: Firm Report Organizations Increase 2024 Philippines Percent Year Salary Companies Financial

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-09 @ 16:07:00 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 816 words

Reading Time: 5 minutes read

Sentences: 27 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 22433937

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Official Website: businessmirror.com.ph

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