Firms keeping salary budgets low this year

EMPLOYERS are keeping salary budgets low, citing inflation, cost management concerns, tighter labor markets, and weaker financial results as key factors, according to a recent study by risk management, insurance and consulting services firm Willis Towers Watson (WTW).

In its report, WTW disclosed 34.6 percent of companies in the Philippines have lower salary budgets for 2024 compared to last year. The median pay increase is 5.6 percent, slightly down from 5.7 percent in 2023.