Global 2017 Salary Budget Planning Report · 2017-04-28 · 2017 Salary Budget Planning Report - Quarter 1 Edition 3 About Us Companies continually struggle to attract and retain

2017 Salary Budget Planning Report - Quarter 1 Edition 1

Global

2017 Salary Budget Planning Report

Quarter 1 Edition


Data Services Terms and Conditions Willis Towers Watson's surveys and the results of such surveys, including participation materials and related reports (collectively, "surveys") are made available by local Willis Towers Watson affiliated companies which are directly or indirectly controlled by Willis Towers Watson PLC (collectively referred to as "Willis Towers Watson" or the "Willis Towers Watson group") on the following terms and conditions.

Service Quality. Willis Towers Watson will collect relevant data and conduct the surveys with reasonable care. While Willis Towers Watson cannot be responsible for verifying the accuracy and completeness of each data submission, a Willis Towers Watson associate will review each data submission for overall reasonableness. Willis Towers Watson provides the surveys on an "as is" basis and does not provide a warranty or guarantee of any kind as to the accuracy or completeness of the surveys or the data or information contained therein. Survey results will be available only if there are sufficient participants in the applicable survey.

Intellectual Property Rights. Willis Towers Watson retains all intellectual property rights in the surveys. Unauthorized use or duplication without prior written permission from Willis Towers Watson is prohibited. You shall not refer to us or include any of our work product (including, without limitation, the surveys and the information they contain) in any shareholder communication or in any offering materials (or fairness opinion provided by your professional advisers) prepared in connection with the public offering or private placement of any security, unless otherwise agreed in writing.

Use of Surveys. You may use the surveys only within your own organization for internal human resources planning and may not modify, sell or transfer such surveys. Surveys may not be reproduced in employee newsletters or posted on your company's intranet. If you desire to share the surveys (in whole or in part) with a third party (including any entity controlling, controlled by, or under common control with your company, Willis Towers Watson's competitors and/or independent contractors working solely for your company), you must first obtain the written consent of Willis Towers Watson. Any use of the information contained in the surveys is not a substitute for seeking expert legal, consulting or other advice on the reasonableness or appropriateness of compensation and/or benefits levels and practices.

Limitation of Liability. The aggregate liability of Willis Towers Watson and its employees, directors, officers, agents and subcontractors (the "related persons") whether in contract, tort (including negligence), breach of statutory duty or otherwise for any losses relating to the surveys provided hereunder shall not exceed in aggregate the greater of (a) $25,000 USD or (b) the total fees paid to Willis Towers Watson for the particular survey(s) and/or custom report(s) related to such survey(s), unless otherwise agreed in writing. Nothing in these terms shall exclude or limit the liability of Willis Towers Watson or our related persons in the case of: (a) death or personal injury resulting from Willis Towers Watson's or Willis Towers Watson's related person's negligence; (b) willful misconduct; (c) fraud; or (d) other liability to the extent that the same may not be excluded or limited as a matter of law. In no event shall Willis Towers Watson or any of our related persons be liable for any incidental, special, punitive, or consequential damages of any kind (including, without limitation, loss of income, loss of profits, or other pecuniary loss).

General. The validity and interpretation of these terms will be governed by the laws of the State of New York, United States of America, excluding its conflict of law rules. The parties submit to the exclusive jurisdiction of the State of New York, United States of America Courts to resolve any dispute between them, provided that Willis Towers Watson shall have the right to initiate proceedings in any court of competent jurisdiction in the event of breach of Willis Towers Watson's proprietary rights. The parties hereby waive any right they may have to demand a jury trial. These terms will apply to purchase orders generated by your company for survey results provided hereunder. In the event of a conflict or inconsistency between the terms and conditions of such purchase orders and these terms, these terms will prevail. Separate terms and conditions apply to use and access of online tools. You shall not assign or otherwise transfer any rights or obligations under these terms without Willis Towers Watson's prior written consent.

Participation Terms

By participating in Willis Towers Watson's surveys, you will be deemed to have agreed to the following participation terms on behalf of your company and you represent that you have authority to submit data. As a participant, your company's name will be included on survey participant lists. Survey participants must submit data on a timely basis and provide an accurate and complete data submission, including completion of all sections of the participant materials (e.g., HR Policies & Practices ("HRP") sections, Benefits Design Practices ("BDP") sections, individual employee compensation data and long-term incentive information). Benefits and HRP data submitted may be used in current and future BDP and HRP surveys. Data may be submitted directly via the Willis Towers Watson portal hosted in the USA where such data will be stored. If your company's data submission is late or does not meet the requirements for a particular survey, Willis Towers Watson may, at its discretion, limit/deny access to such survey results. For select surveys, participants must submit executive data to purchase executive products, middle management, and professional and support data to purchase nonexecutive products and industry-specific functions/disciplines/positions to purchase associated industry-specific survey products.

Confidentiality and Use of Data. Participant data submitted to the surveys will be held in confidence. Willis Towers Watson takes reasonable security precautions, including the same precautions Willis Towers Watson takes to protect its own confidential information, to prevent unauthorized access. Participant data will be used by Willis Towers Watson for purposes of creating aggregated compensation survey results and/or anonymized benefits survey results which are presented in a manner that protects individual company confidentiality. Willis Towers Watson reserves the right to use participant data in multiple surveys, where relevant, which may be available to participants and non-participants. Participant data and survey results may be used by Willis Towers Watson for training, quality assurance, research and development, general promotional activities such as trends analysis and consulting services (e.g., market/job pricings) that are provided to survey participants and other selected clients of Willis Towers Watson.

Data Protection. Willis Towers Watson may pass participant data, which may include individually identifiable information, within our global network of offices and affiliates (including the Willis Towers Watson Global Resource Center) and to subcontractors and providers of IT outsourcing who will be subject to appropriate data protection standards. The Global Resource Center is located in Manila, The Philippines, and will be used to analyze such data in connection with the surveys. The Manila corporate entity is a wholly owned subsidiary in the Willis Towers Watson group, and Willis Towers Watson's operations in Manila are certified to the ISO27001 standard covering information security, including data confidentiality, integrity and availability; and are also certified to the ISO9001 standard covering quality management practices. Irrespective of where Willis Towers Watson receives or stores such data, Willis Towers Watson confirms that, acting as data processor, Willis Towers Watson will take appropriate technical, physical and organizational/administrative measures to protect such data against accidental or unlawful destruction or accidental loss or unauthorized alteration, disclosure or access. Willis Towers Watson will use such data only for the purposes described above unless a participant instructs Willis Towers Watson otherwise. Participant and Willis Towers Watson shall each comply with applicable data privacy legislation and regulations.


About Us Companies continually struggle to attract and retain the right talent - no matter what the economy. While many factors affect employee attraction and retention, compensation is, and will always be, a key driver.

But economic conditions shift year to year and market by market, impacting pay and benefits more quickly than ever before. To keep ahead of these changes, HR professionals must have efficient access to robust data, sophisticated tools and analytics, and deep sector expertise.

Our survey products and consultants can help you manage these increasingly complex pay and benefit program decisions so you can develop competitive compensation plans that attract the talent you need and drive employee engagement and performance.

Our intelligence is fluid and flexible. We compare your competitive position to your comparators', your pay levels and company car plans across regions. We can level roles for benchmarking across industry sectors and calculate statutory employer costs in a new market, whether you're looking at manufacturing in North Africa or IT in the Middle East, pharmaceuticals in Brazil or technology in China. Or all of these.

Core offerings Geographic coverage

Key features

Compensation Survey Reports

Assess pay competitiveness and understand typical practices in HR policies and benefits design by country

115+ countries

General Industry and industry specific survey reports including Energy and Natural Resources, Financial Services, High Tech, Media, Pharmaceutical and Health Sciences, Private Equity and Retail

Compensation, HR Policies and Benefits Design Practices

Peer company and industry cuts

Company Car Benefits Survey Reports

Design and maintain competitive car benefits program to attract and retain key talent

78 countries

Company car, cash allowance, mileage reimbursement, car loan, car ownership plan

Employment Terms and Conditions Reports and Benefits Profiles

Provide high-quality and up-to-date insights into local employment legislation and employee benefits, as well as market practice

65 countries

Employment Terms and Conditions Reports Legislation and market practice information

for collective and individual employment relationships throughout their life cycle, from recruitment to termination/resignation

Benefits Profiles Distinctive features of the benefits

environment Key changes in recent years

Statutory/mandatory programs (retirement, death and disability benefits, workers compensation, health benefits, contributions)

Supplemental programs (retirement, death and disability benefits, health and wellness, other company benefits)

Financial summary (accounting and reporting, taxation of benefits)

Global 50 Remuneration Planning Report

Access national trends in pay and benefits around the world in one report

60 countries

Economic, labour law and rewards summaries

Compensation trends and pay increases Snapshots of employee benefits and

perquisites plans

Salary structures - base salary, variable pay and benefits value by Global Grade

Regional and country comparisons of net and gross salaries

Global Geographic Salary Differentials Report (NEW)

Access salary cost differences by geography and employee levels around the world in one report

Rationalize salary differences when relocating employees within a country in order to attract and retain key staff

63 countries

Comparison of pay differentials for key cities/region vs the national average

Extensive geographic coverage in United States with regions, sub-regions, states, core based statistical and combined statistical area

Data are presented in tables by following six employee categories: Business Unit Head/Country

Manager Executive Middle Management and Senior

Professional Supervisory and Professional Technical and Business Support

Global Starting Salaries Report (NEW)

Attract graduates with competitive starting salaries

Maximize savings by knowing which countries have a cost advantage in

77 countries

Base salary comparison by qualification and by function

Six education levels 11 key functions

Salary Budget Planning Reports

Review latest budget increases, salary movement, salary review practices and allocation of budgets to high performers

139 countries Economic key data Salary increase (actual and projected)

Salary review policies Budget allocation


Global Salary Budget Planning Report 2017 - Quarter 1 Edition

Table of Contents 2017 Global Salary Budget Planning Report ............................ 5

TABLE 1 Overall Salary Budget Increases in Comparison with Key Economic Indicators ........................................................ 7

TABLE 2

Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Excluding Zero Salary Budget Increases ......... 11

TABLE 3

Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Including Zero Salary Budget Increases ........... 15

TABLE 4

Salary Budget Increases by Employee Group - Excluding Zero Salary Budget Increases .................................... 19

TABLE 5

Salary Budget Increases by Employee Group - Including Zero Salary Budget Increases ..................................... 23

TABLE 6

Merit Only Increases by Employee Group - Excluding Zero Increases ............................................................ 27

TABLE 7

2018 Overall Projected Salary Budget Increases - Excluding Zero Increases ............................................................ 30

Participant List ............................................................................. 32

Additional Sources For Reward Planning ................................ 39

Breadth and Depth of Coverage .................................................. 40

Our Consistent Approach ............................................................ 41

Geographic Coverage ................................................................. 42


Global Salary Budget Planning Report 2017 - Quarter 1 Edition

This report summarises the findings of Willis Towers Watson's bi-annual survey on salary movement around the world. The purpose of this report is to help companies with their compensation planning.

The survey was conducted on-line in March 2017 amongst companies participating in Willis Towers Watson's compensation surveys across the following geographical regions:

We received over 13,250 sets of responses covering 139 countries worldwide. The main sections of this report include actual and projected all industry data for 2016, 2017 and 2018 respectively.

Details include:

Salary movement in comparison with key economic indicators Salary movement by employee group Spread of Salary movement Merit Only Increases 2018 Salary Movement projections List of participants

Notes

The salary movement figures provide median salary increases awarded or anticipated overall and for each employee group as a percentage of base salary. They include merit and statutory increases, promotions and cost of living adjustments.

0

1

2

3

4

5

6

7

APAC EMEA LATAM NA

Per

cent

age

(%)

2016 & 2017 Average Overall Salary Increasesversus Inflation (CPI)

2016 Average Salary Increase 2017 Average Salary Increase

2016 Inflation 2017 Inflation

North America Asia Pacific

Latin America Europe, Middle East and Africa

Note: Due to the current hyperinflation in Venezuela we have excluded this market from the above regional analysis.


Employee Category Definitions The employee groups are generally defined as: Business Unit Head and Country Manager

Business Unit Head Manages the profitability and growth of a single or multiple profit center, which is likely to be constituted as line of business, division or subsidiary.

Country Manager Manages the profitability and growth of the organization's operations within a country or group of countries and is not limited to a specific product line. Global Grades 15 and above (AAA, AAB Only). Career Level (EX).

Executive

Holds management accountability for a function, or major sub-function. Develops, establishes and approves long-term vision and strategy for the area managed. Global Grades 15 and above (Excluding AAA, AAB). Career Level (EX).

Middle Manager and Senior Professional

Middle Manager Accountable for managing professional employees and/or supervisors, setting direction and deploying resources. Results are primarily achieved through the work of others. Responsible for performance evaluation, pay reviews, and hire/fire decisions

Senior Professional Requires specialized depth and/or breadth of expertise. Leads project teams and solves unique and complex problems that have a broad impact on the organization. Progression to Senior Professional is typically restricted on the basis of business requirement. Global Grades 13-17. Professional Career Levels (P4-Specialist to P6-Renowned Expert). Supervisory Management Career Levels (M2-Manager to M5-Senior Group Manager).

Supervisory and Professional

Supervisory Supervises and coordinates the daily activities of a business or technical support or production team. Defines team operating standards and ensures essential procedures are followed based on knowledge of own discipline.

Professional Individual contributor who typically has a university degree or equivalent work experience. Works autonomously and applies expertise in a professional area(s) to achieve results. Global Grades 8-12. Professional Career Levels (P1-Entry to P3-Career). Supervisory/Management Career Level (M1-Supervisor).

Technical and Business Support

Technical Support Skilled technician in a hands-on environment, often highly specialized. Requires vocational training or the equivalent experience, but does not require a university degree

Business Support Performs clerical/administrative support tasks. Requires vocational training or the equivalent experience, but typically does not require a university degree. Global Grades 4-10. Technical Support Career Levels (T1-Entry to T4-Senior). Business Support Career Levels (U1-Entry to U4-Senior).

Production and Manual Labor

Performs operational, craft or manual tasks, typically in manufacturing and production environments. Performs tasks according to established procedures, with limited opportunity for independent decision-making. Global Grades 2-7. Production/Manual Labor Career Levels (W1-Entry to W4-Lead).


TABLE 1 - Overall Salary Budget Increases in Comparison with Key Economic Indicators

Median actual and projected overall salary budget increases as a percentage of annual base salary are presented in comparison with the consumer price index inflation, gross domestic product increase and unemployment rates for each country. The overall percentage figures are based on the General Industry sample.

2016 2017

Country

Overall Salary

Increase (avg. % p.a.)

Inflation (avg. %

change p.a.)

GDP (% real

change p.a.)

Unemploy-ment Rate (avg. % p.a.)

Overall Salary


Inflation (avg. %

change p.a.)

GDP (% real

change p.a.)


North America

Canada 3.0 1.4 1.4 7.0 3.0 2.1 2.0 6.7

United States 3.0 1.3 1.6 4.9 3.0 2.5 2.3 4.5

Asia Pacific

Australia 3.0 1.3 2.5 5.7 3.0 2.2 2.8 5.6

Bangladesh 10.0 5.5 7.1 4.9 9.6 5.8 6.0 4.8

Brunei 3.1 -0.7 -2.7 - 3.0 0.4 1.0 -

Cambodia 6.7 3.0 6.8 - 6.6 3.6 7.2 -

China 7.0 2.1 6.7 4.1 7.0 2.3 6.4 4.3

Hong Kong 4.0 2.4 1.9 3.4 4.0 1.9 2.1 3.5

India 10.0 4.9 7.1 8.4 10.0 4.4 7.2 8.5

Indonesia 8.0 3.5 5.0 5.6 8.0 4.1 5.2 5.2

Japan 2.2 -0.1 1.0 3.1 2.2 1.2 1.0 2.9

Macau 4.1 2.4 -2.1 1.9 4.0 1.9 5.2 1.9

Malaysia 5.4 2.1 4.2 3.5 5.4 3.2 4.4 3.3

Mongolia 6.5 0.5 -0.4 - 6.0 4.4 2.5 -

Myanmar 9.0 7.6 7.9 4.8 8.0 9.6 8.5 4.7

New Zealand 3.0 0.6 4.1 5.1 3.0 1.6 3.3 4.8

Pakistan 10.3 3.8 5.7 6.2 10.0 4.9 5.2 6.0

Philippines 6.0 1.8 6.9 5.5 6.0 3.3 6.4 5.1

Singapore 4.0 -0.5 2.0 2.1 4.0 1.1 2.1 2.0

South Korea 4.8 1.0 2.7 3.7 4.6 1.9 2.8 3.6

Sri Lanka 8.0 4.0 4.6 4.5 8.0 5.0 4.6 4.5

Taiwan 3.5 1.4 1.5 3.9 3.5 2.1 1.8 3.9

Thailand 5.5 0.2 3.2 1.0 5.2 1.3 3.4 1.3

Vietnam 9.5 2.7 6.2 3.3 9.5 4.0 6.6 3.3

Europe, Middle East and Africa

Albania 3.3 1.3 3.2 10.6 2.5 2.6 3.5 10.2

Algeria 7.0 6.4 3.3 10.4 6.6 8.1 1.6 10.6

Angola 8.7 32.4 0.6 - 8.8 22.0 2.5 -

Armenia 5.6 -1.3 1.2 18.1 5.5 2.6 2.7 17.7

Austria 2.6 1.0 1.5 6.0 2.5 1.9 1.7 6.0

Azerbaijan 7.9 12.6 -3.8 7.0 8.0 12.1 -0.1 7.1

Bahrain 5.0 2.8 3.3 - 4.0 1.9 2.0 -

Belarus 9.6 11.9 -2.6 - 9.2 9.5 1.0 -

Belgium 2.2 1.8 1.2 8.0 2.3 2.2 1.4 7.6

Bosnia-Herzegovina 2.6 -1.1 2.0 41.7 2.5 1.0 3.0 -

Botswana 4.8 2.8 2.8 - 3.0 4.0 4.0 -

Bulgaria 3.8 -0.8 3.4 8.7 3.6 1.9 3.1 8.1

Burkina Faso 5.8 -0.1 5.0 - 2.7 1.7 5.9 -

Cameroon 5.4 1.4 5.1 - 4.0 2.7 4.9 -

Croatia 3.0 -1.1 2.9 15.0 2.8 1.4 3.2 14.0

Cyprus 2.0 -1.5 2.9 12.4 2.2 0.4 2.5 11.5

Czechia 2.8 0.7 2.3 5.5 2.9 2.3 2.5 5.1


TABLE 1 - Overall Salary Budget Increases in Comparison with Key Economic Indicators (continued)

2016 2017

Country

Overall Salary


Inflation (avg. %

change p.a.)

GDP (% real

change p.a.)


Overall Salary


Inflation (avg. %

change p.a.)

GDP (% real

change p.a.)


Europe, Middle East and Africa (continued)

Denmark 2.5 0.2 1.1 4.2 2.5 1.3 1.5 4.1

DRC 4.5 5.7 2.2 - 3.0 18.3 1.9 -

Egypt 10.0 13.8 4.3 13.2 10.0 19.2 3.9 13.5

Estonia 3.0 0.1 1.0 6.9 3.0 2.6 2.3 8.0

Ethiopia 11.0 7.3 3.6 - 10.1 7.9 5.0 -

Finland 2.2 0.4 1.4 8.9 2.3 1.3 0.9 8.5

France 2.4 0.3 1.1 9.8 2.4 1.3 1.2 9.3

Gabon 3.0 1.2 2.5 - 2.5 1.8 3.2 -

Georgia 6.0 2.1 2.2 11.8 6.0 5.6 3.5 11.5

Germany 2.9 0.4 1.8 4.2 2.9 1.7 1.6 4.0

Ghana 10.0 17.5 3.6 - 11.0 11.3 6.9 -

Greece 2.0 -0.8 0.3 23.6 2.0 0.8 1.2 22.9

Hungary 3.4 0.4 1.7 5.2 3.3 2.7 2.8 4.8

Iceland 3.5 1.7 4.5 3.0 2.3 2.2 3.4 2.5

Iraq 6.2 0.4 5.7 - 5.0 2.9 3.4 -

Ireland 2.4 -0.2 4.0 7.9 2.5 0.6 3.0 6.5

Israel 3.1 -0.5 4.0 4.8 3.0 0.6 3.9 4.7

Italy 2.5 -0.1 1.0 11.7 2.5 1.5 0.8 11.8

Ivory Coast 4.3 0.7 7.9 - 3.1 1.3 7.9 -

Jordan 5.3 -0.8 1.8 15.5 5.0 3.5 2.4 15.0

Kazakhstan 8.5 14.6 1.3 5.0 8.0 6.8 2.1 5.2

Kenya 7.6 6.3 5.8 - 7.5 7.3 5.5 -

Kosovo 2.9 0.2 1.7 9.9 2.8 1.6 1.6 9.4

Kuwait 5.0 3.2 3.0 3.0 4.5 4.0 1.6 3.0

Kyrgyzstan 9.0 0.4 3.8 - 6.5 3.5 3.9 -

Latvia 3.0 0.2 1.0 9.7 3.0 2.6 3.0 9.4

Lebanon 5.6 -0.8 1.0 - 4.8 3.7 2.1 -

Libya 5.0 13.0 -8.4 - 6.0 15.3 -6.1 -

Lithuania 3.0 0.7 2.2 7.9 3.0 2.0 2.9 7.0

Luxembourg 2.5 0.0 3.6 6.4 2.5 1.7 3.7 6.1

Macedonia 3.0 -0.2 2.4 23.9 2.5 1.0 3.1 22.6

Madagascar 9.0 6.6 2.4 - 8.0 8.8 3.2 -

Malawi 10.0 21.7 2.9 - 13.1 17.9 4.4 -

Malta 2.3 0.6 5.1 4.8 2.4 1.5 4.2 4.3

Mauritius 5.0 1.0 3.6 7.8 4.4 2.7 3.5 7.8

Moldova 6.0 6.4 2.5 6.3 7.0 7.5 3.0 5.6

Monaco 1.5 0.2 1.7 9.9 1.5 0.2 1.7 9.9

Montenegro 6.2 0.2 1.7 9.9 2.8 0.2 1.7 9.9

Morocco 4.4 1.6 1.5 9.4 4.0 2.3 4.0 9.3

Mozambique 7.0 19.9 3.6 - 9.1 22.6 4.2 -

Namibia 6.5 6.7 0.3 - 7.5 6.4 5.0 -

Netherlands 2.5 0.1 2.1 6.0 2.5 1.5 1.9 5.2

Nigeria 9.9 15.7 -1.5 - 10.1 16.8 1.0 -

Norway 2.9 3.6 0.9 4.8 2.9 2.4 1.8 4.7

Oman 5.0 1.1 2.0 - 4.0 1.4 0.7 -

Poland 3.2 -0.7 2.8 9.0 3.2 1.8 3.2 9.2

Portugal 2.0 0.6 1.4 11.1 2.0 1.2 1.6 10.3



2016 2017

Country

Overall Salary


Inflation (avg. %

change p.a.)

GDP (% real

change p.a.)


Overall Salary


Inflation (avg. %

change p.a.)

GDP (% real

change p.a.)



Qatar 4.9 2.3 2.4 0.7 4.0 3.3 2.9 0.6

Republic of the Congo 4.0 3.9 1.8 - 2.0 4.4 3.8 -

Romania 4.6 -1.6 4.8 5.9 4.5 1.2 3.5 5.8

Russia 8.0 7.0 -0.2 5.5 8.0 4.4 0.9 3.6

Rwanda 7.0 5.6 5.8 - 6.0 6.3 5.4 -

Saudi Arabia 5.0 3.5 1.4 11.2 5.0 2.0 0.8 11.3

Senegal 4.8 0.8 6.5 - 4.3 2.4 6.1 -

Serbia 4.7 1.2 2.8 18.9 4.4 3.8 3.3 18.5

Slovakia 2.7 -0.5 3.3 9.5 2.7 1.6 3.1 8.2

Slovenia 2.5 -0.2 2.6 11.2 2.5 1.7 2.4 9.7

South Africa 6.8 6.6 0.3 26.7 7.0 5.8 1.2 28.4

Spain 2.0 -0.3 3.2 19.6 2.1 2.1 2.6 17.6

Swaziland 7.2 7.3 0.9 - 7.5 5.9 1.4 -

Sweden 2.6 1.0 3.1 6.9 2.6 1.6 2.3 6.8

Switzerland 2.0 -0.4 1.4 3.3 2.0 0.8 1.7 3.2

Tanzania 8.5 5.2 7.0 - 7.0 7.2 6.9 -

Togo 4.0 1.0 5.0 - 1.8 2.1 5.2 -

Tunisia 6.3 3.7 1.0 15.5 6.0 4.6 1.7 15.8

Turkey 8.0 7.8 2.2 10.9 8.0 9.7 2.4 11.2

Uganda 8.3 5.0 4.8 - 7.0 6.8 4.9 -

Ukraine 10.0 13.9 2.2 9.5 10.0 13.0 2.4 9.0

United Arab Emirates 4.7 1.8 2.5 - 4.5 3.0 2.6 -

United Kingdom 2.8 0.7 1.8 4.9 2.9 2.8 1.7 5.0

Uzbekistan 8.3 12.0 3.5 4.9 9.0 18.0 4.5 4.9

Yemen 8.5 17.6 -17.9 - 8.5 4.2 6.5 -

Zambia 8.3 17.9 3.0 - 8.0 10.9 3.6 -

Zimbabwe 4.0 -0.3 -0.4 - 3.5 3.4 1.9 -

Latin America

Argentina 32.0 41.4 -2.2 9.0 27.6 22.5 2.5 8.5

Bahamas 2.5 1.0 0.3 - 2.4 1.5 0.9 -

Barbados 2.5 -1.2 1.6 10.1 2.5 1.5 1.7 10.0

Bolivia 7.2 3.6 4.0 7.5 6.5 3.9 3.6 7.6

Brazil 8.0 6.3 -3.6 12.0 7.6 4.3 0.4 13.0

Chile 4.8 3.8 1.5 6.5 4.8 3.0 1.8 6.9

Colombia 5.7 7.5 2.0 9.2 6.0 4.2 2.4 9.1

Costa Rica 5.0 0.0 4.4 9.3 4.5 2.5 4.3 8.9

Curaçao 3.8 - - - 3.5 - - -

Dominican Republic 5.5 1.6 6.6 13.3 5.1 3.1 4.5 13.3

Ecuador 4.5 1.7 -2.0 5.4 3.3 0.9 0.0 5.8

El Salvador 4.0 0.6 2.4 5.5 3.8 0.8 2.2 5.6

Guatemala 5.0 4.4 3.2 2.9 4.5 4.3 3.6 2.8

Honduras 5.2 2.7 3.7 3.9 5.4 4.3 3.6 3.8

Jamaica 4.5 2.3 1.6 13.4 4.3 3.2 1.8 13.2

Mexico 4.5 3.1 2.3 3.9 4.5 5.6 1.5 3.9

Nicaragua 5.9 3.5 4.5 5.9 5.5 3.8 4.4 5.8

Panama 4.0 0.7 5.0 4.8 4.4 1.8 5.5 5.0

Paraguay 7.0 4.1 4.0 6.2 6.1 4.3 3.6 6.1



2016 2017

Country

Overall Salary


Inflation (avg. %

change p.a.)

GDP (% real

change p.a.)


Overall Salary


Inflation (avg. %

change p.a.)

GDP (% real

change p.a.)


Latin America (continued)

Peru 5.0 3.6 3.9 6.7 5.0 3.5 3.5 6.6

Puerto Rico 3.0 -0.2 -1.2 - 3.0 0.5 -2.0 -

Trinidad & Tobago 5.0 3.1 -2.3 4.0 4.5 3.7 1.0 5.0

Uruguay 10.0 9.6 1.4 7.9 9.8 7.9 1.5 7.8

Venezuela 190.0 428.2 -14.1 15.5 191.0 652.1 -5.8 17.2

NB: Macro-Economic data source: Economist Intelligence Unit (EIU) - Figures as at April 2017 NB: No EIU data available for Kosovo, Monaco or Montenegro, Eurozone aggregate used instead The data for Salary Budget Increases excludes zero values (salary freezes) *As a whole in APAC, about half (49.7%) of the participating organizations indicated promotion is included "-" indicates where there is insufficient data to report a result. p.a. = per annum


TABLE 2 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Excluding Zero Salary Budget Increases

This table reports the lower quartile, median and upper quartile overall salary budget increase. This information is reported by General Industry only.

2016 Overall Actual Salary

Increase Budget (%) 2017 Overall Projected Salary

Increase Budget (%)

Country Lower Quartile (25th percentile)

Median (50th percentile)

Upper Quartile (75th percentile)

Lower Quartile(25th percentile)



North America

Canada 2.5 3.0 3.0 2.5 3.0 3.0

United States 2.5 3.0 3.0 2.5 3.0 3.0

Asia Pacific

Australia 2.5 3.0 3.5 2.7 3.0 3.4

Bangladesh 9.0 10.0 10.7 8.0 9.6 10.0

Brunei 1.9 3.1 4.5 1.8 3.0 3.6

Cambodia 6.1 6.7 8.8 4.8 6.6 7.6

China 5.1 7.0 8.0 5.1 7.0 7.8

Hong Kong 3.5 4.0 4.8 3.5 4.0 4.5

India 8.0 10.0 11.0 8.6 10.0 10.6

Indonesia 5.9 8.0 9.4 6.0 8.0 9.0

Japan 1.9 2.2 2.5 2.0 2.2 2.5

Macau 3.5 4.1 4.9 3.9 4.0 4.7

Malaysia 4.2 5.4 6.0 4.5 5.4 5.7

Mongolia 3.8 6.5 7.0 3.8 6.0 6.8

Myanmar 7.0 9.0 11.3 7.4 8.0 9.3

New Zealand 2.6 3.0 3.5 2.5 3.0 3.2

Pakistan 7.3 10.3 11.7 7.4 10.0 10.5

Philippines 5.0 6.0 7.0 5.0 6.0 6.6

Singapore 3.0 4.0 4.5 3.3 4.0 4.4

South Korea 3.9 4.8 5.0 3.8 4.6 5.0

Sri Lanka 6.1 8.0 9.7 5.2 8.0 8.7

Taiwan 3.0 3.5 4.0 3.0 3.5 4.0

Thailand 4.2 5.5 6.0 4.2 5.2 5.8

Vietnam 7.0 9.5 10.0 7.5 9.5 10.0


Albania 2.9 3.3 4.0 2.5 2.5 3.3

Algeria 5.9 7.0 7.0 5.6 6.6 7.0

Angola 7.3 8.7 10.3 6.1 8.8 11.3

Armenia 4.9 5.6 6.3 5.0 5.5 6.0

Austria 2.0 2.6 3.0 2.0 2.5 3.0

Azerbaijan 5.6 7.9 8.1 7.0 8.0 8.2

Bahrain 3.8 5.0 5.3 3.0 4.0 4.5

Belarus 5.5 9.6 12.0 6.6 9.2 10.9

Belgium 1.6 2.2 2.7 1.9 2.3 2.6

Bosnia-Herzegovina 2.1 2.6 3.1 2.5 2.5 3.0

Botswana - 4.8 - 2.8 3.0 6.6

Bulgaria 2.9 3.8 4.1 2.9 3.6 4.0

Burkina Faso 3.0 5.8 7.0 1.6 2.7 4.9

Cameroon 4.8 5.4 5.8 1.9 4.0 5.0

Croatia 2.5 3.0 3.2 2.4 2.8 3.0

Cyprus 1.8 2.0 3.2 1.6 2.2 3.2

Czechia 2.1 2.8 3.0 2.5 2.9 3.0

Denmark 2.0 2.5 2.7 2.1 2.5 2.8

DRC 4.5 4.5 4.9 2.5 3.0 4.2


TABLE 2 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Excluding Zero Salary Budget Increases (continued)



Increase Budget (%)








Egypt 8.0 10.0 11.0 8.3 10.0 15.3

Estonia 2.3 3.0 3.1 3.0 3.0 3.5

Ethiopia 8.0 11.0 12.0 8.0 10.1 11.0

Finland 1.9 2.2 2.5 2.0 2.3 2.5

France 1.9 2.4 2.7 2.0 2.4 2.6

Gabon 3.0 3.0 4.5 2.2 2.5 2.9

Georgia 5.0 6.0 7.0 5.0 6.0 7.0

Germany 2.2 2.9 3.0 2.5 2.9 3.0

Ghana 7.5 10.0 15.5 9.5 11.0 14.0

Greece 1.5 2.0 2.5 1.7 2.0 2.3

Hungary 2.5 3.4 3.8 3.0 3.3 3.7

Iceland - 3.5 - - 2.3 -

Iraq 5.0 6.2 6.7 2.9 5.0 6.0

Ireland 2.0 2.4 3.0 2.0 2.5 3.0

Israel 2.6 3.1 3.7 2.5 3.0 3.4

Italy 1.9 2.5 2.8 2.0 2.5 2.8

Ivory Coast 3.5 4.3 5.0 2.5 3.1 4.5

Jordan 5.0 5.3 6.0 3.4 5.0 5.6

Kazakhstan 6.0 8.5 9.3 7.0 8.0 9.0

Kenya 6.3 7.6 8.1 6.3 7.5 8.0

Kosovo - 2.9 - - 2.8 -

Kuwait 4.1 5.0 5.3 3.2 4.5 5.0

Kyrgyzstan 3.8 9.0 9.0 6.4 6.5 7.6

Latvia 2.5 3.0 3.4 2.9 3.0 3.7

Lebanon 4.0 5.6 6.3 3.0 4.8 5.4

Libya - 5.0 - 5.0 6.0 7.0

Lithuania 2.5 3.0 4.0 2.7 3.0 3.8

Luxembourg 1.4 2.5 2.6 2.2 2.5 2.7

Macedonia 2.1 3.0 4.8 2.0 2.5 3.2

Madagascar 7.3 9.0 10.5 5.9 8.0 9.6

Malawi 9.2 10.0 17.0 9.0 13.1 16.7

Malta 2.1 2.3 2.5 2.0 2.4 2.5

Mauritius 3.0 5.0 5.4 2.2 4.4 5.0

Moldova 4.7 6.0 9.5 5.1 7.0 7.0

Monaco 1.5 1.5 2.3 1.5 1.5 2.3

Montenegro - 6.2 - - 2.8 -

Morocco 3.3 4.4 5.0 3.4 4.0 4.6

Mozambique 5.8 7.0 7.6 7.2 9.1 12.9

Namibia 6.0 6.5 7.8 6.0 7.5 8.2

Netherlands 2.0 2.5 2.9 2.1 2.5 3.0

Nigeria 7.6 9.9 11.3 8.4 10.1 13.5

Norway 2.2 2.9 3.2 2.5 2.9 3.0

Oman 4.0 5.0 5.0 3.0 4.0 4.7

Poland 2.9 3.2 4.0 3.0 3.2 3.6

Portugal 1.7 2.0 2.5 1.8 2.0 2.5

Qatar 2.9 4.9 5.5 3.0 4.0 5.0





Increase Budget (%)








Republic of the Congo - 4.0 - 1.8 2.0 2.5

Romania 4.0 4.6 5.0 3.9 4.5 5.0

Russia 6.9 8.0 8.6 6.9 8.0 8.1

Rwanda - 7.0 - - 6.0 -

Saudi Arabia 3.8 5.0 6.0 3.8 5.0 5.0

Senegal 1.5 4.8 6.0 2.3 4.3 5.3

Serbia 3.0 4.7 5.6 3.7 4.4 5.0

Slovakia 2.1 2.7 3.0 2.0 2.7 3.0

Slovenia 1.8 2.5 3.0 1.9 2.5 3.0

South Africa 6.0 6.8 7.3 6.2 7.0 7.0

Spain 1.6 2.0 2.5 1.9 2.1 2.5

Swaziland - 7.2 - - 7.5 -

Sweden 2.2 2.6 3.0 2.3 2.6 3.0

Switzerland 1.4 2.0 2.3 1.5 2.0 2.2

Tanzania 5.9 8.5 9.0 5.9 7.0 8.0

Togo - 4.0 - - 1.8 -

Tunisia 6.0 6.3 6.6 5.3 6.0 6.5

Turkey 7.1 8.0 8.5 7.3 8.0 8.8

Uganda 8.0 8.3 9.5 6.1 7.0 8.0

Ukraine 8.3 10.0 15.0 8.0 10.0 11.5

United Arab Emirates 3.8 4.7 5.0 3.5 4.5 5.0

United Kingdom 2.1 2.8 3.0 2.3 2.9 3.0

Uzbekistan 6.6 8.3 9.0 6.6 9.0 9.0

Yemen - 8.5 - - 8.5 -

Zambia 7.7 8.3 9.0 7.0 8.0 9.9

Zimbabwe 2.3 4.0 5.1 2.0 3.5 4.0

Latin America

Argentina 28.5 32.0 35.0 24.3 27.6 30.7

Bahamas 2.0 3.0 4.0 2.1 3.3 4.2

Barbados 2.5 3.0 4.1 2.9 3.4 4.4

Bolivia 5.0 7.2 8.0 5.6 6.5 7.5

Brazil 5.8 8.0 9.4 6.5 7.3 8.8

Chile 3.7 4.8 5.1 3.6 4.8 5.0

Colombia 4.5 5.7 7.0 5.0 6.0 7.0

Costa Rica 4.0 5.2 5.7 3.7 5.2 6.0

Curaçao 3.8 4.2 5.0 4.0 4.4 4.6

Dominican Republic 4.0 5.5 6.2 4.3 5.1 5.9

Ecuador 3.8 4.5 5.3 2.7 3.3 4.5

El Salvador 3.0 4.0 5.0 3.2 4.1 4.9

Guatemala 4.0 5.0 5.5 4.2 4.9 5.5

Honduras 5.0 5.2 6.3 4.5 5.4 6.0

Jamaica 3.0 4.5 5.6 3.1 4.3 5.2

Mexico 4.0 4.5 5.0 4.0 4.3 5.0

Nicaragua 5.0 5.9 6.6 4.8 5.5 6.8

Panama 3.9 4.9 5.3 4.1 5.0 5.4

Paraguay 6.5 7.0 7.0 5.3 6.1 7.0

Peru 4.0 5.0 5.0 3.5 5.0 5.1





Increase Budget (%)








Puerto Rico 2.3 3.0 3.0 2.5 3.0 3.0

Trinidad & Tobago 4.5 5.0 5.5 4.0 4.5 5.0

Uruguay 7.9 10.0 11.4 8.4 9.8 10.1

Venezuela 146.0 190.0 230.0 145.0 191.0 285.0

The data for Salary Budget Increases excludes zero values (salary freezes) "-" indicates where there is insufficient data to report a result. p.a. = per annum


TABLE 3 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Including Zero Salary Budget Increases

This table reports the lower quartile, median and upper quartile overall salary budget increase. This information is reported by General Industry only.



Increase Budget (%)







North America

Canada 2.3 2.9 3.0 2.5 3.0 3.0

United States 2.4 3.0 3.0 2.5 3.0 3.0

Asia Pacific

Australia 2.5 3.0 3.5 2.7 3.0 3.4

Bangladesh 9.0 10.0 10.7 7.9 9.4 10.0

Brunei 1.9 3.1 4.5 1.8 3.0 3.6

Cambodia 6.1 6.7 8.8 4.2 6.5 7.5

China 5.0 6.9 8.0 5.0 7.0 7.7

Hong Kong 3.5 4.0 4.8 3.5 4.0 4.5

India 8.0 10.0 11.0 8.5 10.0 10.5

Indonesia 5.3 7.9 9.2 6.0 8.0 9.0

Japan 1.8 2.2 2.5 2.0 2.1 2.5

Macau 3.5 4.1 4.9 3.9 4.0 4.7

Malaysia 4.0 5.2 5.9 4.5 5.4 5.7

Mongolia 3.0 6.0 7.0 2.9 6.0 6.5

Myanmar 7.0 9.0 11.3 7.4 8.0 9.3

New Zealand 2.5 3.0 3.5 2.5 3.0 3.2

Pakistan 7.3 10.3 11.7 7.1 10.0 10.5

Philippines 5.0 6.0 7.0 5.0 6.0 6.6

Singapore 3.0 4.0 4.5 3.2 4.0 4.4

South Korea 3.5 4.8 5.0 3.5 4.5 5.0

Sri Lanka 6.1 8.0 9.7 5.2 8.0 8.7

Taiwan 2.8 3.5 4.0 3.0 3.5 4.0

Thailand 4.0 5.4 6.0 4.1 5.2 5.8

Vietnam 7.0 9.2 10.0 7.3 9.5 10.0


Albania 0.0 2.8 3.3 2.3 2.5 3.1

Algeria 4.5 6.5 7.0 5.1 6.5 7.0

Angola 5.1 8.2 10.2 6.1 8.8 11.3

Armenia 0.0 5.0 6.0 2.1 5.1 5.9

Austria 2.0 2.6 3.0 2.0 2.5 2.9

Azerbaijan 0.0 6.0 8.0 3.5 7.9 8.0

Bahrain 2.2 4.7 5.0 2.0 3.9 4.5

Belarus 4.7 9.4 12.0 6.0 9.0 10.4

Belgium 1.4 2.1 2.5 1.8 2.2 2.5

Bosnia-Herzegovina 1.6 2.5 3.0 2.1 2.5 3.0

Botswana 0.0 2.8 4.8 0.8 2.8 4.8

Bulgaria 2.5 3.7 4.0 2.6 3.5 4.0

Burkina Faso 0.3 3.0 6.0 0.3 1.6 3.7

Cameroon 3.0 5.0 5.5 1.5 3.0 5.0

Croatia 2.0 2.7 3.0 2.3 2.8 3.0

Cyprus 1.4 2.0 3.1 1.5 2.1 3.1

Czechia 2.0 2.8 3.0 2.4 2.9 3.0

Denmark 1.8 2.4 2.7 2.0 2.5 2.8

DRC 0.0 4.5 4.6 1.5 3.0 3.5


TABLE 3 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Including Zero Salary Budget Increases (continued)



Increase Budget (%)








Egypt 5.5 10.0 11.0 6.0 10.0 15.0

Estonia 2.0 2.8 3.0 1.7 3.0 3.3

Ethiopia 0.0 8.0 12.0 0.0 8.0 11.0

Finland 1.6 2.1 2.5 2.0 2.3 2.5

France 1.9 2.3 2.7 2.0 2.3 2.6

Gabon 0.0 2.2 3.4 0.0 2.0 2.6

Georgia 2.8 6.0 6.9 5.0 6.0 7.0

Germany 2.1 2.8 3.0 2.3 2.9 3.0

Ghana 5.4 10.0 14.3 9.1 11.0 13.8

Greece 1.3 1.8 2.5 1.6 2.0 2.2

Hungary 2.5 3.3 3.8 2.8 3.3 3.5

Iceland 0.0 1.7 3.5 0.4 1.8 2.5

Iraq 0.0 5.0 6.6 0.9 3.0 5.6

Ireland 2.0 2.3 2.9 2.0 2.5 2.9

Israel 2.5 3.1 3.7 2.5 3.0 3.4

Italy 1.8 2.5 2.8 2.0 2.5 2.8

Ivory Coast 2.4 3.9 4.9 2.4 3.1 4.3

Jordan 4.2 5.3 5.8 2.9 4.5 5.5

Kazakhstan 5.0 8.1 9.0 6.5 8.0 9.0

Kenya 4.0 7.4 8.0 5.8 7.3 8.0

Kosovo 0.0 0.8 2.5 0.0 1.3 2.7

Kuwait 3.0 5.0 5.1 3.0 4.4 5.0

Kyrgyzstan 0.0 2.0 9.0 0.0 4.9 6.5

Latvia 2.0 3.0 3.3 2.3 3.0 3.6

Lebanon 1.5 5.0 6.1 2.8 4.0 5.4

Libya 0.0 0.0 4.0 0.0 2.0 6.0

Lithuania 2.0 3.0 3.5 2.5 3.0 3.4

Luxembourg 1.1 2.1 2.5 2.0 2.5 2.7

Macedonia 0.1 2.1 3.5 1.3 2.2 2.9

Madagascar 0.0 7.0 10.0 2.0 6.3 8.4

Malawi 0.0 8.6 11.8 6.0 10.0 15.0

Malta 0.5 2.1 2.5 0.9 2.2 2.5

Mauritius 1.9 4.7 5.1 1.7 4.2 5.0

Moldova 0.4 4.8 7.6 1.3 5.1 7.0

Monaco 0.2 1.5 1.9 0.0 1.0 1.5

Montenegro 0.0 1.4 5.4 0.3 1.9 2.8

Morocco 3.1 4.1 5.0 3.1 4.0 4.5

Mozambique 0.8 5.8 7.2 4.0 7.7 11.7

Namibia 0.0 4.3 6.8 3.3 6.5 8.0

Netherlands 2.0 2.5 2.8 2.0 2.5 2.9

Nigeria 3.8 9.5 10.3 7.7 9.5 12.7

Norway 2.0 2.8 3.0 2.5 2.8 3.0

Oman 2.5 4.6 5.0 2.6 3.8 4.5

Poland 2.6 3.1 4.0 2.7 3.1 3.5

Portugal 1.7 2.0 2.5 1.8 2.0 2.5

Qatar 2.0 4.0 5.2 2.8 4.0 4.9





Increase Budget (%)








Republic of the Congo 0.0 2.5 4.0 0.2 1.8 2.3

Romania 3.5 4.5 5.0 3.7 4.5 5.0

Russia 6.0 8.0 8.5 6.5 8.0 8.0

Rwanda 0.0 3.5 7.0 0.0 1.8 5.4

Saudi Arabia 2.5 4.6 5.2 3.0 4.5 5.0

Senegal 0.9 4.0 5.8 2.0 3.8 5.2

Serbia 2.8 4.0 5.5 3.1 4.4 5.0

Slovakia 1.9 2.7 3.0 2.0 2.7 3.0

Slovenia 0.9 2.2 3.0 1.8 2.5 3.0

South Africa 5.7 6.8 7.3 6.0 6.9 7.0

Spain 1.5 2.0 2.5 1.8 2.0 2.5

Swaziland 0.0 3.5 7.2 0.9 5.3 7.8

Sweden 2.1 2.5 3.0 2.2 2.5 3.0

Switzerland 1.0 1.8 2.3 1.3 2.0 2.2

Tanzania 3.2 6.3 9.0 3.0 6.0 8.0

Togo 0.0 1.5 3.7 0.0 0.8 1.7

Tunisia 5.2 6.2 6.6 5.0 6.0 6.5

Turkey 6.8 8.0 8.5 7.0 8.0 8.5

Uganda 0.0 4.0 8.9 2.4 6.2 8.0

Ukraine 7.7 10.0 14.5 7.0 10.0 11.5

United Arab Emirates 3.0 4.5 5.0 3.5 4.5 5.0

United Kingdom 2.0 2.7 3.0 2.0 2.8 3.0

Uzbekistan 0.0 6.9 8.9 0.0 6.8 9.0

Yemen 0.0 0.0 6.6 0.0 0.0 6.3

Zambia 3.1 7.9 9.0 4.0 7.6 8.9

Zimbabwe 0.0 1.7 4.5 1.0 3.0 4.0

Latin America

Argentina 28.0 32.0 35.0 24.2 27.5 30.5

Bahamas 1.9 2.7 3.6 1.8 2.9 3.8

Barbados 1.8 2.9 3.6 2.3 3.2 4.1

Bolivia 2.8 5.9 7.6 2.3 6.3 7.2

Brazil 5.8 8.0 9.4 6.5 7.3 8.8

Chile 3.1 4.8 5.0 3.4 4.6 5.0

Colombia 4.5 5.4 7.0 5.0 6.0 7.0

Costa Rica 3.4 4.9 5.5 3.4 4.5 5.0

Curaçao 3.6 4.1 4.8 3.6 4.2 4.5

Dominican Republic 3.2 5.0 6.1 3.0 5.0 5.7

Ecuador 2.6 4.1 5.0 2.3 3.0 4.2

El Salvador 2.6 4.0 5.0 2.8 3.9 4.6

Guatemala 3.0 4.8 5.5 4.0 4.8 5.5

Honduras 4.2 5.1 6.1 3.0 5.0 5.9

Jamaica 2.1 4.1 5.5 3.0 3.8 5.1

Mexico 4.0 4.5 5.0 4.0 4.3 5.0

Nicaragua 3.7 5.5 6.5 3.7 5.5 6.7

Panama 2.5 4.0 5.3 3.5 4.8 5.0

Paraguay 1.8 6.5 7.0 3.8 5.5 7.0

Peru 3.8 4.8 5.0 3.5 4.9 5.1





Increase Budget (%)








Puerto Rico 2.1 2.8 3.0 2.4 2.8 3.0

Trinidad & Tobago 2.5 4.7 5.5 3.2 4.0 4.9

Uruguay 7.0 9.8 11.0 7.0 9.4 10.0

Venezuela 146.0 190.0 230.0 145.0 191.0 285.0

The data for Salary Budget Increases includes zero values (salary freezes) "-" indicates where there is insufficient data to report a result. p.a. = per annum


TABLE 4 - Salary Budget Increases by Employee Group - Excluding Zero Salary Budget Increases

This table reports the median salary budget increase by employee group. Note: not all companies providing an overall salary increase also provided data broken down by employee group. This resulted in a different sample and sometimes higher or lower statistics. This information is reported by General Industry only.

2016 Actual Salary

Increase Budget (%) 2017 Projected Salary Increase Budget (%)

Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

North America Canada 3.0 2.9 3.0 3.0 3.0 2.9 2.9 3.0 3.0 3.0 3.0 3.0 3.0 3.0

United States 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Asia Pacific Australia 3.0 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Bangladesh 10.0 10.0 10.0 10.0 10.0 10.0 10.0 9.6 9.6 9.6 9.6 9.6 9.6 9.6

Brunei 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Cambodia 6.7 7.0 7.0 7.0 6.7 6.7 6.7 6.6 6.6 6.6 6.6 6.6 6.6 6.6

China 7.0 6.7 6.5 6.9 7.0 7.0 6.8 7.0 6.8 6.8 7.0 7.0 7.0 7.0

Hong Kong 4.0 4.0 4.0 4.0 4.2 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

India 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0

Indonesia 8.0 8.0 8.0 8.0 8.0 8.0 8.1 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Japan 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2

Macau 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Malaysia 5.4 5.2 5.2 5.4 5.4 5.3 5.2 5.4 5.3 5.2 5.4 5.4 5.4 5.4

Mongolia 6.5 4.5 4.5 4.5 6.5 6.5 6.5 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Myanmar 9.0 9.0 9.0 9.0 9.0 9.0 9.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

New Zealand 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Pakistan 10.3 10.0 10.0 10.0 10.0 10.3 10.3 10.0 10.0 10.0 10.0 10.0 10.0 10.0

Philippines 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Singapore 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

South Korea 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.6 4.6 4.6 4.6 4.7 4.6 4.6

Sri Lanka 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Taiwan 3.5 3.5 3.5 3.5 3.5 3.5 3.4 3.5 3.5 3.5 3.5 3.5 3.5 3.5

Thailand 5.5 5.4 5.3 5.5 5.5 5.5 5.4 5.2 5.0 5.2 5.2 5.3 5.3 5.3

Vietnam 9.5 9.3 9.4 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.4 9.5 9.5 9.5

Europe, Middle East and Africa Albania 3.3 3.3 3.3 3.3 3.3 3.3 3.3 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Algeria 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.6 6.6 6.6 6.6 6.6 6.6 6.6

Angola 8.7 8.7 8.7 8.7 9.5 8.7 8.7 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Armenia 5.6 5.6 5.6 5.6 5.9 5.9 5.9 5.5 5.5 5.5 5.5 5.5 5.5 5.5

Austria 2.6 2.6 2.6 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Azerbaijan 7.9 7.9 7.9 8.0 7.9 7.9 7.9 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Bahrain 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Belarus 9.6 9.6 9.5 9.9 10.0 9.9 9.9 9.2 9.4 9.1 8.9 9.5 9.4 9.4

Belgium 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3

Bosnia-Herzegovina 2.6 2.6 2.6 2.6 2.6 2.7 2.7 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Botswana 4.8 4.8 4.8 4.8 4.8 4.8 4.8 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Bulgaria 3.8 3.8 3.8 3.9 3.9 3.9 3.9 3.6 3.5 3.5 3.6 3.7 3.6 3.6

Burkina Faso 5.8 5.8 5.8 5.8 5.8 5.8 5.8 2.7 2.7 2.7 2.7 2.7 2.7 2.7


TABLE 4 - Salary Budget Increases by Employee Group - Excluding Zero Salary Budget Increases (continued)

2016 Actual Salary


Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Europe, Middle East and Africa (continued) Cameroon 5.4 5.4 5.4 5.4 5.4 5.4 5.4 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Croatia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.8 2.8 2.8 2.8 2.8 2.8 2.8

Cyprus 2.0 2.0 2.4 2.4 2.5 2.5 2.2 2.2 2.0 2.0 2.2 2.2 2.2 2.2

Czechia 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.9 2.9 2.9 2.9 2.9 3.0 3.0

Denmark 2.5 2.5 2.5 2.5 2.5 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5

DRC 4.5 4.5 4.5 4.5 4.5 4.5 4.5 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Egypt 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0

Estonia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Ethiopia 11.0 11.0 11.0 11.0 11.0 11.0 11.0 10.1 10.1 10.1 10.1 10.1 10.1 10.1

Finland 2.2 2.3 2.3 2.2 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3

France 2.4 2.4 2.4 2.4 2.4 2.3 2.3 2.4 2.4 2.3 2.4 2.4 2.4 2.3

Gabon 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Georgia 6.0 6.0 6.0 6.0 6.0 6.3 6.3 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Germany 2.9 2.9 2.8 2.8 2.8 2.8 2.8 2.9 2.9 2.9 2.9 2.9 2.9 2.9

Ghana 10.0 10.0 10.0 10.0 10.0 10.0 10.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0

Greece 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Hungary 3.4 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.4

Iceland 3.5 3.5 3.5 3.5 3.5 3.5 3.5 2.3 2.3 2.3 2.3 2.3 2.3 2.3

Iraq 6.2 6.2 6.2 6.2 6.2 6.2 6.2 5.0 5.0 5.0 5.0 5.0 5.0 5.0

Ireland 2.4 2.4 2.4 2.4 2.4 2.3 2.3 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Israel 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Italy 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Ivory Coast 4.3 4.3 4.3 4.5 4.3 4.3 4.3 3.1 3.1 3.1 3.1 3.1 3.1 3.1

Jordan 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.0 5.0 5.0 5.0 5.0 5.0 5.0

Kazakhstan 8.5 8.4 8.4 8.4 8.5 8.4 8.4 8.0 8.2 8.2 8.4 8.4 8.4 8.4

Kenya 7.6 7.6 7.6 7.5 7.6 7.6 7.6 7.5 7.5 7.5 7.5 7.5 7.5 7.5

Kosovo 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.8 2.8 2.8 2.8 2.8 2.8 2.8

Kuwait 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Kyrgyzstan 9.0 9.0 9.0 9.0 9.0 9.0 9.0 6.5 6.5 6.5 6.5 6.5 6.5 6.5

Latvia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Lebanon 5.6 5.6 5.6 5.4 5.6 5.4 5.4 4.8 4.8 4.8 4.8 4.8 4.8 4.8

Libya 5.0 5.0 5.0 5.0 5.0 5.0 5.0 6.0 6.0 6.0 6.0 5.0 5.0 5.0

Lithuania 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Luxembourg 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Macedonia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Madagascar 9.0 9.0 9.0 9.0 9.0 9.0 9.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Malawi 10.0 10.0 10.0 10.0 10.0 10.0 10.0 13.1 13.1 13.1 13.1 13.1 13.1 13.1

Malta 2.3 2.1 2.5 2.5 2.1 2.1 2.3 2.4 2.4 2.4 2.5 2.4 2.4 2.4

Mauritius 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.4 4.4 4.4 4.4 4.4 4.4 4.4

Moldova 6.0 6.0 6.0 7.4 7.2 7.2 7.2 7.0 7.0 7.0 7.0 7.0 7.0 7.0

Monaco 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5



2016 Actual Salary


Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Europe, Middle East and Africa (continued) Montenegro 6.2 6.2 6.2 6.2 6.2 6.2 6.2 2.8 2.8 2.8 2.8 2.8 2.8 2.8

Morocco 4.4 4.4 4.4 4.1 4.4 4.1 4.4 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Mozambique 7.0 7.0 7.0 7.0 7.0 7.0 7.0 9.1 9.1 9.1 9.1 9.1 9.1 9.1

Namibia 6.5 6.5 6.5 6.5 6.5 6.5 6.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5

Netherlands 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Nigeria 9.9 9.9 9.9 9.7 10.0 10.0 10.0 10.1 10.1 10.1 10.1 10.1 10.1 10.1

Norway 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9

Oman 5.0 5.0 5.0 5.0 4.9 4.7 4.7 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Poland 3.2 3.1 3.1 3.1 3.1 3.1 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.2

Portugal 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Qatar 4.9 4.9 4.9 5.0 4.9 4.9 4.9 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Republic of the Congo 4.0 4.0 4.0 4.0 4.0 4.0 4.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Romania 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Russia 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Rwanda 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Saudi Arabia 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.9 4.8 4.8 5.0 5.0 5.0

Senegal 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.3 4.3 4.3 4.3 4.3 4.3 4.3

Serbia 4.7 4.7 4.7 4.7 4.9 4.9 4.9 4.4 4.4 4.4 4.4 4.4 4.4 4.4

Slovakia 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7

Slovenia 2.5 2.5 2.5 2.5 2.5 2.5 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5

South Africa 6.8 6.8 6.8 6.8 6.8 6.8 6.8 7.0 7.0 7.0 7.0 7.0 7.0 7.0

Spain 2.0 2.0 2.0 2.0 2.1 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.1

Swaziland 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.5 7.5 7.5 7.5 7.5 7.5 7.5

Sweden 2.6 2.6 2.6 2.5 2.6 2.5 2.5 2.6 2.6 2.6 2.6 2.6 2.5 2.5

Switzerland 2.0 2.0 2.0 2.0 2.0 1.9 1.8 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Tanzania 8.5 8.5 8.5 8.5 8.5 8.5 8.5 7.0 7.0 7.0 7.0 7.0 7.0 7.0

Togo 4.0 4.0 4.0 4.0 4.0 4.0 4.0 1.8 1.8 1.8 1.8 1.8 1.8 1.8

Tunisia 6.3 6.3 6.3 6.3 6.3 6.3 6.3 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Turkey 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Uganda 8.3 8.3 8.3 8.3 8.3 8.3 8.3 7.0 7.0 7.0 7.0 7.0 7.0 7.0

Ukraine 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0

United Arab Emirates 4.7 4.7 4.7 4.7 4.7 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5

United Kingdom 2.8 2.8 2.8 2.8 2.8 2.7 2.7 2.9 2.8 2.9 2.9 2.9 2.8 2.8

Uzbekistan 8.3 8.3 8.3 8.3 8.3 8.3 8.3 9.0 9.0 9.0 9.0 9.0 9.0 9.0

Yemen 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5

Zambia 8.3 8.3 8.3 8.3 8.3 8.3 8.3 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Zimbabwe 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.5 3.5 3.5 3.5 3.5 3.5 3.5

Latin America Argentina 32.0 30.0 30.0 30.0 30.0 30.0 30.0 27.6 28.0 28.0 28.0 28.0 27.8 27.5

Bahamas 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.3 3.3 3.3 3.3 3.3 3.3 3.3

Barbados 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.4 3.4 3.4 3.4 3.4 3.4 3.4

Bolivia 7.2 7.2 7.2 7.2 7.2 7.2 7.2 6.5 6.5 6.5 6.5 6.5 6.5 6.5



2016 Actual Salary


Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Latin America (continued) Brazil 8.0 7.7 7.5 8.0 8.0 8.0 8.0 7.3 7.3 7.5 7.5 7.5 7.3 7.3

Chile 4.8 4.8 4.8 4.9 4.9 4.8 4.9 4.8 4.8 4.8 4.8 4.8 4.8 4.8

Colombia 5.7 5.0 5.0 5.2 5.1 5.1 5.1 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Costa Rica 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2

Curaçao 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.4 4.4 4.4 4.4 4.4 4.4 4.4

Dominican Republic 5.5 5.5 5.5 5.5 5.5 5.0 5.5 5.1 5.1 5.1 5.0 5.1 5.0 5.0

Ecuador 4.5 4.5 4.5 4.5 4.5 4.5 4.5 3.3 3.3 3.3 3.3 3.3 3.3 3.0

El Salvador 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.1 4.1 4.1 4.1 4.1 4.1 4.1

Guatemala 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.9 4.9 4.9 4.9 4.9 4.9 4.9

Honduras 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.4 5.4 5.4 5.4 5.4 5.4 5.4

Jamaica 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.3 4.3 4.3 4.3 4.3 4.3 4.3

Mexico 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.3 4.3 4.3 4.2 4.2 4.2 4.4

Nicaragua 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.5 5.5 5.5 5.5 5.5 5.5 5.5

Panama 4.9 4.9 4.9 4.9 4.9 4.9 4.9 5.0 5.0 5.0 5.0 5.0 5.0 5.0

Paraguay 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.1 6.0 6.0 6.0 6.0 6.0 6.0

Peru 5.0 4.9 4.9 5.0 4.9 4.9 4.9 5.0 4.9 4.9 5.0 5.0 5.0 5.0

Puerto Rico 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.8 3.0 2.9 2.9

Trinidad & Tobago 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Uruguay 10.0 10.0 10.0 10.0 10.0 10.0 10.0 9.8 9.8 9.8 9.8 9.8 9.8 9.8

Venezuela 190.0 190.0 190.0 190.0 190.0 190.0 190.0 191.0 191.0 191.0 191.0 191.0 191.0 191.0

NB: The data for Salary Budget Increases excludes zero values (salary freezes) "-" indicates where there is insufficient data to report a result


TABLE 5 - Salary Budget Increases by Employee Group - Including Zero Salary Budget Increases

This table reports the median salary budget increase by employee group. Note: not all companies providing an overall salary increase also provided data broken down by employee group. This resulted in a different sample and sometimes higher or lower statistics. This information is reported by General Industry only.

2016 Actual Salary


Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or


United States 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0


Bangladesh 10.0 10.0 10.0 10.0 10.0 10.0 10.0 9.4 9.4 9.4 9.4 9.4 9.4 9.4

Brunei 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Cambodia 6.7 7.0 7.0 7.0 6.7 6.7 6.7 6.5 6.5 6.5 6.5 6.5 6.5 6.5

China 6.9 6.5 6.5 6.5 7.0 6.7 6.5 7.0 6.7 6.8 7.0 7.0 7.0 7.0

Hong Kong 4.0 4.0 4.0 4.0 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

India 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0

Indonesia 7.9 7.8 7.9 7.8 7.9 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Japan 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.1 2.1 2.1 2.1 2.1 2.1 2.1

Macau 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Malaysia 5.2 5.0 5.1 5.2 5.3 5.2 5.1 5.4 5.2 5.2 5.4 5.4 5.3 5.3

Mongolia 6.0 3.0 3.0 3.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Myanmar 9.0 9.0 9.0 9.0 9.0 9.0 9.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

New Zealand 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Pakistan 10.3 10.0 10.0 10.0 10.0 10.3 10.3 10.0 10.0 10.0 10.0 10.0 10.0 10.0

Philippines 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Singapore 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

South Korea 4.8 4.7 4.7 4.8 4.8 4.7 4.7 4.5 4.6 4.5 4.5 4.6 4.5 4.5

Sri Lanka 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Taiwan 3.5 3.5 3.5 3.5 3.5 3.4 3.3 3.5 3.5 3.5 3.5 3.5 3.5 3.5

Thailand 5.4 5.0 5.0 5.4 5.4 5.4 5.3 5.2 5.0 5.1 5.2 5.3 5.3 5.3

Vietnam 9.2 9.0 9.2 9.4 9.4 9.5 9.5 9.5 9.4 9.4 9.1 9.4 9.4 9.5

Europe, Middle East and Africa Albania 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Algeria 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5

Angola 8.2 8.2 8.2 8.2 8.7 8.2 8.2 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Armenia 5.0 5.0 5.0 5.0 5.4 5.4 5.4 5.1 5.1 5.1 5.1 5.1 5.1 5.1

Austria 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Azerbaijan 6.0 6.0 6.0 6.5 6.5 6.5 6.5 7.9 7.9 7.9 7.9 7.9 7.9 7.9

Bahrain 4.7 4.7 4.7 4.7 4.7 4.7 4.7 3.9 3.6 3.9 3.9 3.9 3.9 3.9

Belarus 9.4 9.0 9.0 9.5 9.7 9.5 9.5 9.0 9.0 8.8 8.7 9.2 9.2 9.0

Belgium 2.1 2.0 2.1 2.2 2.1 2.1 2.0 2.2 2.2 2.2 2.2 2.2 2.2 2.2


Botswana 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8

Bulgaria 3.7 3.5 3.7 3.8 3.7 3.7 3.5 3.5 3.2 3.4 3.5 3.5 3.5 3.4

Burkina Faso 3.0 3.0 3.0 3.0 3.0 3.0 3.0 1.6 1.6 1.6 1.6 1.6 1.6 1.6


TABLE 5 - Salary Budget Increases by Employee Group - Including Zero Salary Budget Increases (continued)

2016 Actual Salary


Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Europe, Middle East and Africa (continued) Cameroon 5.0 5.0 5.0 5.0 5.0 5.0 5.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Croatia 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.8

Cyprus 2.0 2.0 2.0 2.0 2.2 2.2 2.0 2.1 2.0 2.0 2.1 2.1 2.1 2.1

Czechia 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.9 2.9 2.9 2.9 2.9 2.9 2.9

Denmark 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5

DRC 4.5 4.5 4.5 4.5 4.5 4.5 4.5 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Egypt 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0

Estonia 2.8 2.8 2.8 2.5 2.5 2.5 2.5 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Ethiopia 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Finland 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.3 2.2 2.2 2.2 2.3 2.3 2.3

France 2.3 2.3 2.3 2.3 2.4 2.3 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3

Gabon 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Georgia 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Germany 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.9 2.8 2.8 2.9

Ghana 10.0 10.0 10.0 10.0 10.0 10.0 10.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0

Greece 1.8 1.9 1.9 1.9 1.8 1.8 1.8 2.0 1.9 2.0 2.0 2.0 1.9 1.9

Hungary 3.3 3.0 3.1 3.3 3.2 3.1 3.1 3.3 3.3 3.3 3.3 3.3 3.3 3.3

Iceland 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.8 1.8 1.8 1.8 1.8 1.8 1.8

Iraq 5.0 5.0 5.0 5.0 5.0 5.0 5.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Ireland 2.3 2.2 2.2 2.3 2.3 2.2 2.2 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Israel 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Italy 2.5 2.5 2.5 2.5 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Ivory Coast 3.9 3.9 3.9 4.3 3.9 3.9 3.9 3.1 3.1 3.1 3.1 3.1 3.1 3.1

Jordan 5.3 5.3 5.3 5.3 5.2 5.2 5.2 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Kazakhstan 8.1 8.0 8.0 8.0 8.3 8.1 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Kenya 7.4 7.4 7.4 7.3 7.4 7.4 7.4 7.3 7.3 7.3 7.3 7.3 7.3 7.3

Kosovo 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1.3 1.3 1.3 1.3 1.3 1.3 1.3

Kuwait 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.4 4.2 4.4 4.4 4.4 4.4 4.4

Kyrgyzstan 2.0 2.0 2.0 2.0 2.0 2.0 2.0 4.9 4.9 4.9 4.9 4.9 4.9 4.9

Latvia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Lebanon 5.0 5.0 5.0 5.0 5.2 5.0 5.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Libya 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Lithuania 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Luxembourg 2.1 2.1 2.3 2.1 2.1 2.1 2.3 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Macedonia 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.2 2.2

Madagascar 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.3 6.3 6.3 6.3 6.3 6.3 6.3

Malawi 8.6 8.6 8.6 8.6 8.6 8.6 8.6 10.0 10.0 10.0 10.0 10.0 10.0 10.0

Malta 2.1 1.8 1.8 1.8 1.8 1.8 2.1 2.2 2.2 2.2 2.2 2.2 2.0 2.0

Mauritius 4.7 4.7 4.7 4.9 4.7 4.7 4.7 4.2 4.2 4.2 4.2 4.2 4.2 4.2

Moldova 4.8 4.8 4.8 6.0 5.7 5.4 5.4 5.1 5.1 5.1 5.1 5.1 5.1 5.1

Monaco 1.5 1.1 1.1 1.5 1.5 1.5 1.5 1.0 1.0 1.0 1.0 1.0 1.0 1.0



2016 Actual Salary


Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Europe, Middle East and Africa (continued) Montenegro 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.9 1.9 1.9 1.9 1.9 1.9 1.9

Morocco 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Mozambique 5.8 5.8 5.8 5.8 5.8 5.8 5.8 7.7 7.7 7.7 7.7 7.7 7.7 7.7

Namibia 4.3 4.3 4.3 4.3 4.3 4.3 4.3 6.5 6.5 6.5 6.5 6.5 6.5 6.5

Netherlands 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Nigeria 9.5 9.5 9.5 9.3 9.6 9.6 9.6 9.5 9.5 9.5 9.5 9.5 9.5 9.5

Norway 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8

Oman 4.6 4.5 4.6 4.6 4.5 4.0 4.0 3.8 3.3 3.8 3.8 3.8 3.8 3.8

Poland 3.1 3.0 3.0 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.2

Portugal 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Qatar 4.0 3.8 4.0 4.3 4.0 4.0 4.0 4.0 3.7 4.0 4.0 4.0 4.0 4.0

Republic of the Congo 2.5 2.5 2.5 2.5 2.5 2.5 2.5 1.8 1.8 1.8 1.8 1.8 1.8 1.8

Romania 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Russia 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Rwanda 3.5 3.5 3.5 3.5 3.5 3.5 3.5 1.8 1.8 1.8 1.8 1.8 1.8 1.8

Saudi Arabia 4.6 4.5 4.5 4.6 4.5 4.4 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Senegal 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.8 3.8 3.8 3.8 3.8 3.8 3.8

Serbia 4.0 4.0 4.0 4.0 4.3 4.3 4.0 4.4 4.2 4.2 4.3 4.3 4.3 4.2

Slovakia 2.7 2.7 2.7 2.6 2.6 2.6 2.6 2.7 2.7 2.7 2.7 2.7 2.7 2.7

Slovenia 2.2 2.2 2.2 2.3 2.3 2.2 2.2 2.5 2.5 2.5 2.5 2.5 2.5 2.2

South Africa 6.8 6.8 6.8 6.8 6.7 6.7 6.7 6.9 6.9 6.9 6.9 6.9 6.9 7.0

Spain 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.1 2.0 2.0 2.0

Swaziland 3.5 3.5 3.5 3.5 3.5 3.5 3.5 5.3 5.3 5.3 5.3 5.3 5.3 5.3

Sweden 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Switzerland 1.8 1.8 1.8 1.8 1.9 1.8 1.7 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Tanzania 6.3 6.3 6.3 6.3 6.3 6.3 6.3 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Togo 1.5 1.5 1.5 1.5 1.5 1.5 1.5 0.8 0.8 0.8 0.8 0.8 0.8 0.8

Tunisia 6.2 6.2 6.2 6.0 6.2 6.2 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Turkey 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Uganda 4.0 4.0 4.0 4.0 4.0 4.0 4.0 6.2 6.2 6.2 6.2 6.2 6.2 6.2

Ukraine 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0


United Kingdom 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.8

Uzbekistan 6.9 6.9 6.9 6.2 6.2 6.9 6.9 6.8 6.8 6.8 6.8 6.8 6.8 6.8

Yemen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Zambia 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.6 7.6 7.6 7.6 7.6 7.6 7.6

Zimbabwe 1.7 1.7 1.7 1.7 1.7 1.7 1.7 3.0 3.0 3.0 3.0 3.0 3.0 3.0


Bahamas 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.9 2.9 2.9 2.9 2.9 2.9 2.9

Barbados 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.2 3.2 3.2 3.2 3.2 3.2 3.2

Bolivia 5.9 5.4 5.4 5.4 5.9 5.9 5.4 6.3 6.3 6.3 6.3 6.3 6.3 6.3



2016 Actual Salary


Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Latin America (continued) Brazil 8.0 7.7 7.5 8.0 8.0 8.0 8.0 7.3 7.3 7.5 7.5 7.5 7.3 7.3

Chile 4.8 4.7 4.7 4.8 4.8 4.8 4.8 4.6 4.5 4.5 4.6 4.6 4.6 4.6

Colombia 5.4 5.4 5.2 5.4 5.4 5.4 5.4 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Costa Rica 4.9 5.0 5.0 5.0 5.0 4.9 4.7 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Curaçao 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.2 4.2 4.2 4.2 4.2 4.2 4.2


Ecuador 4.1 4.1 4.1 4.1 4.1 4.1 4.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

El Salvador 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.9 3.9 3.9 3.9 3.9 3.9 3.9

Guatemala 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8

Honduras 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.0 5.0 5.0 5.0 5.0 5.0 5.0

Jamaica 4.1 4.1 4.1 4.1 4.1 4.1 4.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8

Mexico 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.3 4.3 4.3 4.3 4.3 4.3 4.3

Nicaragua 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5

Panama 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.8 4.8 4.8 4.8 4.8 4.8 4.8

Paraguay 6.5 6.5 6.5 6.5 6.5 6.5 6.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5

Peru 4.8 4.7 4.8 4.9 4.7 4.8 4.7 4.9 4.7 4.8 4.8 4.9 4.9 4.9

Puerto Rico 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.8 2.8 2.7 2.8 2.7 2.7

Trinidad & Tobago 4.7 4.5 4.7 4.7 4.7 4.7 4.7 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Uruguay 9.8 9.8 9.8 9.8 9.8 9.8 9.3 9.4 9.4 9.4 9.4 9.4 9.4 9.4

Venezuela 190.0 190.0 190.0 190.0 190.0 190.0 190.0 191.0 191.0 191.0 191.0 191.0 191.0 191.0

NB: The data for Salary Budget Increases includes zero values (salary freezes) "-" indicates where there is insufficient data to report a result


TABLE 6 - Merit Only Increases by Employee Group - Excluding Zero Increases

This table reports the median Merit only increase by employee group. Note: not all companies providing an overall Merit increase also provided data broken down by employee group. This resulted in a different sample and sometimes higher or lower statistics. In addition to this not all companies providing an overall salary increase also provided data for the Merit Only Increase element. Due to this you may find that figures vary when comparing the two elements. On this basis please use with some caution as you may find that Merit can be slightly higher than the overall Salary Increase due to the difference in samples. This information is reported by General Industry only.

2016 Actual Merit Only Increase Budget (%)

2017 Projected Merit Only Increase Budget (%)

Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or


United States 3.0 3.0 3.0 3.0 2.9 2.9 2.9 3.0 3.0 3.0 3.0 3.0 3.0 3.0


Bangladesh 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.0 10.0 10.0 10.0 10.0 10.0 10.0

China 6.9 6.8 6.7 6.9 7.0 6.6 6.5 6.8 6.7 6.7 6.8 6.5 6.5 6.5

Hong Kong 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

India 9.8 9.9 9.9 9.9 9.8 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0

Indonesia 8.0 8.0 8.3 8.3 8.3 8.0 8.1 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Japan 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Macau 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Malaysia 5.2 5.0 5.0 5.2 5.2 5.0 5.0 5.4 5.1 5.2 5.2 5.4 5.0 5.0

New Zealand 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Pakistan 7.9 7.9 7.9 7.9 7.9 7.9 7.9 8.6 8.6 8.6 8.6 8.6 8.6 8.6

Philippines 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Singapore 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

South Korea 4.5 4.5 4.0 4.5 4.5 4.2 4.2 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Taiwan 3.3 3.5 3.5 3.4 3.4 3.2 3.1 3.5 3.5 3.5 3.5 3.5 3.4 3.5

Thailand 5.0 5.0 5.0 5.0 5.1 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0

Vietnam 8.8 8.0 8.2 8.0 8.8 8.8 8.9 9.0 9.0 9.0 9.0 9.0 9.4 9.0

Europe, Middle East and Africa Algeria 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.8 6.8 6.8 6.8 6.8 6.8 6.8

Angola 9.0 9.0 9.0 9.0 9.0 9.0 9.0 8.6 8.6 8.6 8.6 8.6 8.6 8.6

Armenia 5.3 5.3 5.3 5.3 5.3 5.3 5.3 4.8 4.8 4.8 4.8 4.8 4.8 4.8

Austria 2.0 2.0 2.0 2.0 2.0 1.8 1.8 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Azerbaijan 7.9 7.9 7.9 7.9 7.9 7.9 7.9 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Bahrain 4.6 4.6 4.6 4.6 4.6 4.6 4.6 3.9 3.9 3.9 3.9 3.9 3.9 3.9

Belarus 9.2 9.2 9.2 9.2 9.2 9.2 9.2 8.4 8.4 8.4 8.4 8.4 8.4 8.4

Belgium 1.7 1.6 1.7 1.7 1.7 1.6 1.6 2.0 2.0 2.0 2.0 2.0 2.0 2.0


Bulgaria 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.2 3.2 3.2 3.2 3.2 3.2 3.2

Croatia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.8 2.8 2.8 2.8 2.8 2.8 2.8

Cyprus 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.7 1.1 1.1 1.7 1.7 1.7 1.7

Czechia 2.8 2.8 2.8 2.8 2.6 2.7 2.7 2.6 2.6 2.6 2.6 2.6 2.8 2.8

Denmark 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.4 2.5 2.4 2.4 2.4

Egypt 9.5 9.5 9.5 9.5 9.5 9.5 9.5 11.0 12.0 11.0 11.0 11.0 11.0 11.0


TABLE 6 - Merit Only Increases by Employee Group - Excluding Zero Increases (continued)



Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Europe, Middle East and Africa (continued) Estonia 2.5 2.5 2.5 2.5 2.5 2.5 2.5 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Ethiopia 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.5 10.5 10.5 10.5 10.5 10.5 10.5

Finland 2.1 2.3 2.1 2.1 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.3 2.2 2.2

France 2.1 2.0 2.0 2.1 2.1 2.1 2.1 2.2 2.1 2.2 2.3 2.3 2.3 2.3

Georgia 6.0 6.0 6.0 6.0 6.0 6.0 6.0 5.8 5.8 5.8 5.8 5.8 5.8 5.8

Germany 2.5 2.5 2.5 2.5 2.5 2.6 2.5 2.7 2.6 2.6 2.7 2.7 2.6 2.7

Ghana 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8

Greece 1.5 1.5 1.5 1.5 1.4 1.5 1.5 1.8 1.8 1.8 1.8 1.8 1.8 1.8

Hungary 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Iraq 4.5 4.5 4.5 4.5 4.5 4.5 4.5 5.6 5.6 5.6 5.6 5.6 5.6 5.6

Ireland 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Israel 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Italy 2.2 2.2 2.1 2.1 2.1 2.0 2.0 2.3 2.3 2.3 2.3 2.3 2.2 2.2

Jordan 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Kazakhstan 8.5 8.6 8.6 8.5 8.5 8.5 8.5 8.8 8.8 8.8 8.8 8.8 8.8 8.8

Kenya 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5

Kuwait 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0

Latvia 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Lebanon 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.0 5.0 5.0 5.0 5.0 5.0 5.0

Lithuania 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Luxembourg 1.3 1.1 1.1 1.1 1.3 1.1 1.3 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Malta 2.1 2.1 2.2 2.1 2.1 2.2 2.2 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Mauritius 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.8 4.8 4.8 4.8 4.8 4.8 4.8

Morocco 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Mozambique 6.5 6.5 6.5 6.5 6.5 6.5 6.5 7.4 7.4 7.4 7.4 7.4 7.4 7.4

Netherlands 2.3 2.4 2.4 2.4 2.3 2.3 2.3 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Nigeria 9.9 9.9 9.9 9.9 9.9 9.9 9.9 10.2 10.2 10.2 10.2 10.2 10.2 10.2

Norway 2.5 2.5 2.8 2.5 2.5 2.5 2.5 2.7 2.7 2.7 2.7 2.7 2.7 2.7

Oman 4.8 4.8 4.8 4.8 4.8 4.8 4.8 3.3 3.3 3.3 3.3 3.3 3.3 3.3

Poland 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.1 3.2 3.1 3.1 3.1 3.1 3.1

Portugal 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Qatar 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.9 4.9 4.9 4.9 4.9 4.9 4.9

Romania 4.5 4.5 4.4 4.5 4.5 4.4 4.4 4.3 4.1 4.1 4.1 4.1 4.1 4.1

Russia 8.0 8.0 8.0 8.0 7.8 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Saudi Arabia 4.8 4.8 4.8 4.8 4.8 4.8 4.8 5.0 5.0 5.0 5.0 5.0 5.0 5.0

Serbia 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.2 4.2 4.2 4.2 4.2 4.2 4.2

Slovakia 2.7 2.7 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6

Slovenia 2.4 2.4 2.4 2.2 2.0 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5

South Africa 6.5 6.5 6.5 6.6 6.5 6.5 6.5 6.9 6.9 6.9 6.9 6.9 6.9 6.9

Spain 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Sweden 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5

Switzerland 2.0 2.0 2.0 2.0 1.8 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Tanzania 8.5 8.5 8.5 8.5 8.5 8.5 8.5 7.3 7.3 7.3 7.3 7.3 7.3 7.3


TABLE 6 - Merit Only Increases by Employee Group - Excluding Zero Increases (continued)



Country Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Ove

rall

Bu

sin

ess

Un

it H

ead

an

d

Co

un

try

Ma

nag

er

Exe

cuti

ve

Mid

dle

Ma

nag

er a

nd

S

enio

r P

rofe

ssio

nal

Su

per

vis

ory

an

d

Pro

fess

ion

al

Tec

hn

ical

an

d

Bu

sin

ess

Su

pp

ort

Pro

du

cti

on

an

d

Man

ual

Lab

or

Europe, Middle East and Africa (continued) Tunisia 6.1 6.1 6.1 6.1 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Turkey 7.6 7.6 7.6 7.6 7.6 7.6 7.6 8.0 8.0 8.0 8.0 8.0 8.0 8.0

Uganda 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.1 7.1 7.1 7.1 7.1 7.1 7.1

Ukraine 9.6 9.6 9.6 9.6 9.6 9.6 9.6 9.4 9.4 9.4 9.6 9.8 9.8 9.8


United Kingdom 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.8 2.7 2.7 2.7 2.8 2.8 2.8

Uzbekistan 7.1 7.1 7.1 7.1 7.1 7.1 7.1 9.0 9.0 9.0 9.0 9.0 9.0 9.0


Barbados 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1

Brazil 2.1 2.3 2.3 2.3 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Chile 4.1 4.1 4.2 3.9 4.2 3.9 3.9 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Colombia 4.7 4.7 4.7 4.7 4.7 4.7 4.7 5.4 5.4 5.4 5.4 5.4 5.4 5.4

Costa Rica 4.7 4.8 4.8 4.8 4.8 4.5 4.5 4.6 4.6 4.6 4.6 4.6 4.6 4.6


Ecuador 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

El Salvador 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Guatemala 4.7 4.7 4.7 4.7 4.7 4.5 4.5 4.8 4.8 4.8 4.8 4.8 4.8 4.8

Honduras 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.3 5.3 5.3 5.3 5.3 5.3 5.3

Mexico 4.3 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Nicaragua 6.0 6.0 6.0 6.0 6.0 6.0 6.0 5.8 5.8 5.8 5.8 5.8 5.8 5.8

Panama 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.5 4.5 4.5 4.5 4.5 4.5 4.5

Paraguay 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.5 3.5 3.5 3.5 3.5 3.5 3.5

Peru 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.5 4.6 4.6 4.6 4.6 4.6 4.6

Puerto Rico 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.9 2.9 2.9 2.7 2.9 2.7 2.7

Trinidad & Tobago 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.4 4.4 4.4 4.4 4.4 4.4 4.4

Uruguay 3.6 3.6 3.6 3.6 3.6 3.6 3.6 7.7 7.7 7.7 7.7 7.7 7.7 7.7

Venezuela 31.7 31.7 31.7 31.7 31.7 31.7 31.7 50.0 50.0 50.0 50.0 50.0 50.0 50.0

NB: The data for Salary Budget Merit Increases Excludes zero values (salary freezes) "-" indicates where there is insufficient data to report a result


TABLE 7 - 2018 Overall Projected Salary Budget Increases - Excluding Zero Increases

This table reports the 2018 overall projected salary budget median increases presented in comparison with the consumer price index inflation for each country. The overall percentage figures are based on the General Industry sample.

2018

Country Overall Projected Salary Increase Budget (%) Projected Inflation (avg. % change p.a.)

North America Canada 3.0 2.0

United States 3.0 2.1

Asia Pacific Australia 3.2 1.9

China 6.8 1.8

Hong Kong 4.3 2.3

India 10.4 5.1

Indonesia 8.7 5.2

Japan 2.5 0.9

Malaysia 5.4 2.4

New Zealand 2.8 1.6

Philippines 6.4 2.7

Singapore 4.1 1.6

South Korea 4.8 1.7

Taiwan 3.9 0.8

Thailand 5.6 1.0

Vietnam 9.0 4.7

Europe, Middle East and Africa Algeria 5.5 7.4

Austria 2.8 1.8

Bahrain 2.8 2.4

Belarus 8.4 10.5

Belgium 2.5 1.8

Bulgaria 3.8 2.5

Cyprus 1.4 0.8

Czechia 3.0 1.9

Denmark 2.6 2.1

Egypt 16.5 13.6

Estonia 3.0 2.8

Finland 2.3 1.6

France 2.5 1.3

Georgia 6.0 2.9

Germany 3.0 1.5

Ghana 14.0 9.8

Greece 2.0 1.6

Hungary 3.0 2.9

Ireland 2.5 1.4

Israel 3.0 2.5

Italy 2.5 0.8

Jordan 3.0 2.7

Kazakhstan 8.6 6.2

Kenya 7.3 6.5

Kuwait 3.6 3.8

Latvia 3.0 2.0

Lebanon 3.0 2.9

Lithuania 3.0 2.2

Luxembourg 2.3 1.5


TABLE 7 - 2018 Overall Projected Salary Budget Increases - Excluding Zero Increases (continued)

2018

Country Overall Projected Salary Increase Budget (%) Projected Inflation (avg. % change p.a.)

Europe, Middle East and Africa (continued) Morocco 4.4 2.2

Netherlands 2.7 1.4

Nigeria 15.0 11.8

Norway 3.0 2

Poland 3.3 1.5

Portugal 2.0 1.6

Romania 4.6 3.0

Russia 8.0 4.6

Saudi Arabia 4.2 4.4

Serbia 4.0 2.7

Slovakia 2.8 1.6

Slovenia 1.4 1.7

South Africa 6.7 5.5

Spain 2.2 1.8

Sweden 2.7 1.7

Switzerland 2.0 1.1

Turkey 8.0 7.9

Ukraine 10.0 10.5

United Arab Emirates 4.9 4.5

United Kingdom 2.9 2.8

Latin America Argentina 29.4 13.9

Brazil 5.8 4.3

Chile 5.0 2.4

Colombia 5.8 2.7

Costa Rica 5.0 4.0

Dominican Republic 5.5 4.2

Ecuador 4.5 1.0

Guatemala 5.0 4.5

Mexico 4.8 3.5

Panama 5.0 2.5

Paraguay 4.0 4.1

Peru 5.2 3.1

Puerto Rico 3.0 1.5

Uruguay 7.3 8.2

The data for Salary Budget Increases excludes zero values (salary freezes) "-" indicates where there is insufficient data to report a result. p.a. = per annum


Participants 21 CENTURY FAST CASUAL

RESTAURANT 24/7 CUSTOMER 3M 3M KOREA 3M PHILIPPINES 3M TAIWAN A.J CENTRAL ASIA RAYA A.T.KEARNEY A+E TELEVISION NETWORKS AB MAURI ABB ABBOTT ABBOTT (ST. JUDE MEDICAL) ABBOTT JAPAN ABBOTT LABORATORIES ABBOTT LABORATORIES

MALAYSIA ABBOTT MÉXICO ABBOTT TAIWAN ABBVIE ABC-CA FUND MANAGEMENT ABERDEEN ASSET

MANAGEMENT ABRIL COMUNICAÇÕES ABS-CBN ACCENTURE ACCENTURE ROMANIA ACE TAIWAN ACEITERA GENERAL DEHEZA ACELITY ACER ACER VIET NAM COMPANY ACHÉ LABORATÓRIOS ACINDAR ACR CAPITAL HOLDINGS ACTELION

PHARMACEUTICALS FRANCE

ADAMA BRASIL ADB TAIWAN ADDLESHAW GODDARD ADECCO ADECOAGRO ADIDAS ADIDAS SERVICES ADITYA BIRLA GROUP ADM DO BRASIL ADP ADVA OPTICAL NETWORKING ADVANTA ADVANTECH ADVANTEST TAIWAN AECI AECOM AEGON-CNOOC LIFE

INSURANCE AEON STORES HONG KONG AER LINGUS AES BULGARIA AES GENER AET TANKERS AFTERNOON TEA AG DELTA AGCO AGEAS AGILENT TECHNOLOGIES AGRICULTURAL BANK OF

CHINA HONG KONG AGROFINA AGS NASOFT AIA BHD AIA COMPANY AIA FINANCIAL AIA INTERNATIONAL AIA INTERNATIONAL, TAIWAN

BRANCH AIA SHARED SERVICES AIA SINGAPORE PRIVATE AIB AIG AIG ASIA PACIFIC

INSURANCE AIG INSURANCE HONG KONG AIMIA PROPRIETARY

LOYALTY SINGAPORE AIR FRANCE - KLM AIR LIQUIDE AIR LIQUIDE ESPAÑA AIR PRODUCTS AIR PRODUCTS & CHEMICALS AIR PRODUCTS SANFU AIRPORT AUTHORITY AJ BELL AJC INTERNATIONAL SUR AJE GROUP AKAPOL AKAPOL SA AKER SOLUTIONS DO BRASIL

AKZONOBEL AL FUTTAIM AL RAJHI BANKING &

INVESTMENT ALCON ALCON NORDIC ALCON REP OFFICE VIETNAM ALENT HONG KONG -

ENTHONE ALERE ALEXION PHARMACEUTICALS ALFA BANK ALFA WASSERMANN ALFRED KÄRCHER ALICORP ALIHEALTH ALL SEASONS PROPERTY ALLEGRO MICROSYSTEMS

PHILIPPINES ALLERGAN ALLERGAN PROD

FARMACEUTICOS ALLIANCE BANK MALAYSIA

BERHAD ALLIANCE CONSTRUCTION

MATERIALS ALLIANZ AYUDHYA

ASSURANCE ALLIANZ GLOBAL

CORPORATE & SPECIALTY ALLIANZ GLOBAL INVESTORS

KOREA ALLIANZ GLOBAL INVESTORS

TAIWAN ALLIANZ TAIWAN LIFE

INSURANCE ALORICA ALPARGATAS ALPHA & OMEGA

SEMICONDUCTOR TAIWAN ALQUERÍA ALRAJHI UNITED HOLDING ALSEA ALTAIR GLOBAL SOLUTIONS ALUAR AMADEUS AMADEUS NORTH AMERICA AMADEUS SOFTWARE LABS

INDIA PVT AMAGGI AMBANK (M) BERHAD AMBARELLA TAIWAN AMC NETWORKS

INTERNATIONAL AMCO ARGENTINA AMÉRICA

MÓVIL CONTENIDOS AMCOR FLEXIBLES AMCOR RIGID PLASTICS AMCOR RIGID PLASTICS DE

ARGENTINA AMEC OPERATIONS AMERICAN AXLE

MANUFACTURING MEXICO AMERICAN EXPRESS AMERICAN EXPRESS GLOBAL

BUSINESS TRAVEL AMERICAN PRESIDENT LINES AMERICAN TOWER DO

BRASIL AMKOR ASSEMBLY & TEST AMMETLIFE INSURANCE

BERHAD AMOREPACIFIC AMOUN PHARMACEUTICAL AMTRAN TECHNOLOGY AMWAY AMWAY BUS SVCS ASIA PAC AMWAY IT SERVICES ANALOG DEVICES GEN.

TRIAS ANBANG INSURANCE GROUP ANDRÓMACO ANGLO AMERICAN ANGLO-AMERICAN SCHOOL

OF MOSCOW ANTAMINA AON APEX TOOL GROUP APL APPLIED MATERIALS CHINA APPLIED MATERIALS JAPAN APSEN FARMACÊUTICA APTAR VLADIMIR ARAMCO ASIA JAPAN ARAMCO ASIA KOREA ARAMCO OVERSEAS

COMPANY B.V. ARCHROMA SINGAPORE ARCONIC

ARCOR ARCOS DORADOS ARCTERN CONSULTING ARDO UK ARICENT ARKEMA ARKRAY ARQIVA ARROW ELECTRONICS ARROW INTERNACIONAL

DE CHIHUAHUA ARTESYN EMBEDDED

TECHNOLOGIES ARTHUR J. GALLAGHER

INTERNATIONAL ARUP ARVATO ARVATO DIGITAL SERVICES ARVATO SCM IRELAND ARYSTA LIFESCIENCE ASAHI KASEI ASALUS CORPORATION -

INTELLICARE ASCO BRUSSELS ASCO UMATICS SIRAI ASHURST ASIA AIRFREIGHT TERMINAL ASIA CAPITAL REINSURANCE

GROUP ASIA PACIFIC TELECOM ASIAN POWER DEVICES ASKEY COMPUTER ASM TAIWAN ASM TECHNOLOGY

HONG KONG ASOFARMA ASPEN HEALTHCARE TAIWAN ASPEN LABS ASPIRE HOLDINGS ASR GROUP ASSECO SEE DOO

BELGRADE ASSICURAZIONI GENERALI ASTEELFLASH TUNISIA ASTELLAS ASTRA AVIVA LIFE ASTRAZENECA ASTRAZENECA DO BRASILA ASTRI ASURANSI CIGNA ASURANSI JIWA BCA ASURANSI JIWA INHEALTH

INDONESIA ASURANSI JIWA MANULIFE

INDONESIA ASURION ASUS AT&T ATAL ENGINEERING GROUP ATCO ATEN INTERNATIONAL ATENTO ATENTO ARGENTINA ATENTO BRASIL ATKINS CHINA ATOS ATOS ARGENTINA ATOS IT SOLUTIONS AND

SERVICES EOOD ATR TRUST AUSTRALIA AND NEW

ZEALAND BANKING GROUP AUTOMOTIVE LIGHTING AVACARE SHARED SERVICES AVAILINK AVANADE AVANGATE AVANTRIP AVAXA AVAYA RUSSIA CIS AVER INFORMATION AVERY DENNISON AVERY DENNISON RBIS AVINTIV AVIS BUDGET GROUP AVIVA AVNET AVON AVON BEUATY ARABIA AVON COSMETICS AVON COSMETICS SRL A

SOCIO UNICO AXA AFFIN GENERAL

INSURANCE BERHAD AXA INSURANCE AXALTA COATING SYSTEMS AXION ENERGY AXIONLOG AYALA LAND

B&M GLOBAL SERVICES MANILA

BABCOCK & WILCOX BACHOCO BAHANA PEMBINAAN USAHA

INDONESIA BAIN & COMPANY SE ASIA BAKER HUGHES BALFOUR BEATTY BALL AEROSOL PACKAGING BANCO ITAU BANGALORE INTERNATIONAL

AIRPORT BANK BNI SYARIAH BANK CENTRAL ASIA TBK BANK CIMB NIAGA TBK BANK CTBC INDONESIA BANK DANAMON INDONESIA

TBK. BANK DANAMON INDONESIA,

TBK. BANK DBS INDONESIA BANK ICBC INDONESIA BANK JULIUS BAER & CO. BANK NATIONALNOBU TBK BANK NEGARA MALAYSIA BANK OF AMERICA NA

MANILA BANK OF CHINA HONG KONG BANK OF CHINA INSURANCE BANK OF CHINA MALAYSIA BANK OF COMMERCE BANK OF COMMUNICATIONS

HONG KONG BANK OF CONSORTIUM

TRUST COMPANY BANK OF IRELAND BANK OF NEW YORK MELLON BANK OF SHANGHAI HONG

KONG BANK OF SINGAPORE,

PHILIPPINE REPRESENTATIVE OFFICE

BANK OF TOKYO MITSUBISHI-UFJ

BANK QNB INDONESIA TBK BANK RAKYAT BANK RAKYAT INDONESIA

(PERSERO) TBK BANK SINARMAS TBK. BANK SINOPAC BANK SUMITOMO MITSUI

INDONESIA BANK SYARIAH MANDIRI BARCO BARING SICE TAIWAN BARLOWORLD AUTOMOTIVE BASF BASF CHILE BASILEA PHARMACEUTICA

INTERNATIONAL BATES WELLS BRAITHWAITE BAUFEST BAUSH & LOMB NORDIC BAVARIA BAXTER HEALTHCARE BAXTER INTERNATIONAL BAYER BAYER DE MEXICO BAYER DO BRASIL BAYER MALAYSIA BAYER TAIWAN BAYRAKTAR HOLDINGS BBA AVIATION BBC WORLDWIDE BCASH BDO BECHTEL BECK ET AL SERVICES

ROMANIA BECKMAN COULTER BECTON DICKINSON BEIERSDORF BELATRIX BELATRIX SOFTWARE BELCORP BELLAMAR ESTANCIAS BERRY PLASTICS BESPAK EUROPE BESTV BEYTI BGH BHF-BANK

AKTIENGESELLSCHAFT BIACC BIOGENESIS BAGO BIOLAB SANUS

FARMACEUTICAA BIOMERIEUX

BIOMET UK HEALTHCARE BIO-RAD LABORATORIES BIOSIDUS BIOTRONIK BIOTRONIK ASIA PACIFIC BIOTRONIK COMERCIAL

MÉDICAA BIOTRONIK JAPAN BIOVENTUS BIRD & BIRD BIRDLAND HONG KONG BLACK & DECKER BLACK & VEATCH BLCP POWER BLOOMBERG BLUE CROSS INSURANCE

ASIA-PACIFIC BLUE STAR GROUP BLUEBELL BLUEBELL KOREA BMC SOFTWARE BMS BMW BMW SOUTH AFRICA BNP PARIBAS BNP PARIBAS CARDIF BNP PARIBAS CARDIF TCB-

LIFE INSURANCE BNP PARIBAS INVESTMENT

PARTNERS MALAYSIA BNPP CHINA BOC GROUP LIFE

ASSURANCE COMPANY BOCI-PRUDENTIAL TRUSTEE BOEHRINGER INGELHEIM BOEHRINGER INGELHEIM

TAIWAN BOLLAND BOLLORE LOGISTICS

THAILAND BONAFARM CSOPORT BOOKING.COM BOOTS RETAIL THAILAND BORD GÁIS ENERGY BORGWARNER BORGWARNER PDS

PRODUTOS AUTOMOTIVOSA

BOSCH BOSE BOSE TAIWAN BOSSINI ENTERPRISES BOSTIK BOSTON SCIENTIFIC BOTTEGA VENETA MACAU BOURNS ELECTRONICS

TAIWAN BP BP BERAU BP EASTERN

MEDITERRANEAN BP MALAYSIA BP SOUTHERN CONE BRADY PHILIPPINES BRIDGESTONE ASIA PACIFIC BRIDGESTONE DE MEXICO BRIGHTSTAR BRILLIANCE-BEA AUTO

FINANCE BRINKS BRINKS CHILE BRISKHEAT VIETNAM BRISTOL MYERS SQUIBB BRITISH AMERICAN

TOBACCO BRITISH COUNCIL PHILIPPINE

BRANCH OFFICE BRITVIC IRELAND BROADRIDGE BRODIES BROOKFIELD ENERGIA

RENOVAVEL BROOKS SPORTS BROUWER BROWN BROTHERS

HARRIMAN BRP MEXICO BRUNEI GAS CARRIERS

SENDIRIAN BRUNEI SHELL PETROLEUM BRUNSWICK BSC BSN BSQUARE TAIWAN BRANCH BT BTMU BUDGET AVIATION HOLDINGS BULGARI JAPAN BUNGE


Participants (continued)

BUNGE ARGENTINA BUNGE CIS BUPA BUPA ASIA BURBERRY BURGES SALMON BUSSMANN BUZZFEED BW OFFSHORE DO

BRASIL BYME ENGINEERING

(HK) CA TECHNOLOGIES CABOT FINANCIAL

EUROPE CABOT INDONESIA CACHAY CALGON CARBON

JAPAN KK CALVIN KLEIN CAMIL ALIMENTOS CAMPBELL SOUP

ASIA CANADA PENSION

PLAN INVESTMENT BOARD

CANON BUSINESS PROCESS SERVICES

CANON HONG KONG CANON MARKETING

(TAIWAN) CAPESPAN

CONTINENT CAPGEMINI NL CAPGEMINI

PHILIPPINES CAPRI SUN GROUP CAPSA-CAPEX CARDIF SERVICIOS CARDINAL HEALTH CARESTREAM

HEALTH CARGILL CARLSON REZIDOR

HOTEL GROUP CARLSON WAGONLIT

TRAVEL CARREFOUR CARTER HOLT

HARVEY CASTROL

PHILIPPINES CATALENT PHARMA

SOLUTIONS CATERPILLAR

FINANCIAL SERVICES

CATH KIDSTON CATHAY CENTURY

INSURANCE CATHAY LIFE

INSURANCE CATHAY PACIFIC

AIRWAYS CATHAY PACIFIC

CATERING SERVICES HONG KONG

CATHAY UNITED BANK

CATHAY UNITED BANK HONG KONG

CCB LIFE INSURANCE CDH INVESTMENTS CDK GLOBAL CEMEX PHILIPPINES

SOLID CEMENT CENCOSUD CENTRAL PROTEINA

PRIMA TBK CENTRAL TRADING &

DEVELOPMENT CENTRICA CEPSA CERÁMICAS SAN

LORENZO CEREBOS CEVA LOGISTICS CEVA LOGISTICS

HEADOFFICE B.V. PHILIPPINE

CEVA LOGISTICS THAILAND

CFA CGI CHAILEASE FINANCE

CHAROEN POKPHAND INDONESIA

CHENG UEI PRECISION INDUSTRY

CHEVRON CHEVRON HOLDINGS CHEVRON NEFTEGAZ CHINA CITIC BANK

INTERNATIONAL CHINA

CONSTRUCTION BANK ASIA

CHINA CONSTRUCTION BANK MALAYSIA BERHAD

CHINA DAILY CHINA DAILY ASIA

PACIFIC CHINA

DEVELOPMENT INDUSTRIAL BANK

CHINA LIFE FRANKLIN ASSET MANAGEMENT

CHINA LIFE INSURANCE

CHINA MERCHANTS LOSCAM

CHINA MOBILE HONG KONG

CHINA MOBILE INTERNATIONAL

CHINA OVERSEAS LAND & INVESTMENT

CHINALIN SECURITIES

CHIPMOS TECHNOLOGIES

CHS CHS DE ARGENTINA CHUBB ASIA PACIFIC CHUBB INSURANCE

MALAYSIA BERHAD CHUBB LIFE

INSURANCE COMPANY

CHUGAI PHARMA TAIWAN

CIA. SHERWIN WILLIAMS

CIGNA TAIWAN CIMAS ENGINEERING CIMB-PRINCIPAL

ASSET MANAGEMENT

CIMC CIMPRESS CIN KATE CIPLA CIPMOS CIRCLE K

CONVENIENCE STORES HONG KONG

CITI CITIBANK CITIBANK TAIWAN CITIC PACIFIC CITRIX SYSTEM CITY & GUILDS CITY SAVINGS BANK CITY SUPER CITY UNIVERSITY OF

HONG KONG CLARIVATE

ANALYTICS JAPAN CLAXSON CLEVELAND CLINIC CLINIGEN GROUP CLOROX CLP HOLDINGS CLÚID HOUSING CLYDE & CO CMC MARKETS CMIC HOLDINGS CNH INDUSTRIAL CNPC CNPC PERU COACH COATS PLC COCA COLA COCA COLA ANDINA COCA COLA ANDINA

ARGENTINA COCA COLA FEMSA

COCA-COLA BOTTLERS BUSINESS SERVICES.

COCA-COLA EAST JAPAN

COCA-COLA FEMSA PHILIPPINES

COCA-COLA HBC RUSSIA

COHEN COL FINANCIAL

GROUP COLGATE PALMOLIVE COLGATE PALMOLIVE

INDIA COLGATE PALMOLIVE

SUPPORT SERVICES

COLLECTIVE BRANDS SERVICES TAIWAN

COLLYER BRISTOW COLUMBIA

SPORTSWEAR COMPANY

COMET CHINA COMMERZBANK AG COMMONWEALTH

BANK COMPASS GROUP COMPASS GROUP

RUS COMPASSION

INTERNATIONAL COMPTEL COMPTEL

COMMUNICATIONS COMPUTACENTER COMPUTACENTER

SERVICES KFT. COMPUTERSHARE

MORTGAGE SERVICES

CONCENTRIX SERVICE KOREA

CONCEPCION CARRIER AIR CONDITIOTING COMPANY

CONCUR CONNING CONOCOPHILLIPS CONTINENTAL CONTINENTAL

ENGINEERING CONVERGA ASIA CONVERGYS CONVOY FINANCIAL

SERVICES COOPER STANDARD COOPERVISION COORSTEK COPELAND CORE SECUTIRY CORETRONIC CORIANT CORNING CORREO OFICIAL DE

LA REPUBLICA ARGENTINA

COSCO-HIT TERMINALS HONG KONG

COUPANG COVANTA COVESTRO COVESTRO TAIWAN CP ALL PUBLIC

COMPANY CRANE PAYMENT

INNOVATIONS CRAVERI CREDIT AGRICOLE

CIB, TAIPEI CREDIT AGRICOLE

CREDITOR INSURANCE

CREDIT GUARANTEE CORPORATION MALAYISA

CREDITEASE WEALTH MANAGEMENT HONG KONG

CRESUD CRH BSC CRISIL IREVNA

CRISTÁLIA PRODUTOS QUÍMICOS E FARMACÊUTICOSA

CROWN PACKAGING EUROPE

CROWN RESORTS CSA GROUP CSC CSTC - CITIGROUP CSW WORLD

TERMINALS HONG KONG

CTBC BANK CTBC BANK HONG

KONG BRANCH CTCI CTCI THAILAND CTS CUSHMAN &

WAKEFIELD CXA GROUP CYBER POWER

SYSTEMS CYBERLINK CYNTEC CYPRESS

SEMICONDUCTOR CYUKYO YUSHI DAA DAH CHONG HONG DAH SING BANK DAH SING BANK

(CHINA) DAH SING LIFE

ASSURANCE DAHL SVERIGE DAIICHI SANKYO

BRASIL FARMACÊUTICAA.

DAIICHI SANKYO TAIWAN

DAIKIN AIRCONDITIONING (S)

DAIKIN MALAYSIA DAIKYOORPORATED DAK AMERICAS DAK AMÉRICAS

ARGENTINA DAMCO INDIA DANA JAPAN DANA TRANSEJES DANFOSS DANIEL SWAROVSKI DANIEL THWAITES DANONE DANONE DJURDJURA

ALGÉRIE DANONE NUTRICIA DANTE

INTERNATIONAL DARWIN PRECISIONS DASSAULT

SYSTEMES DATWYLER CABLING

SOLUTIONS AG DAYCO PRODUCTS DBS BANK (HK) DBS BANK CHINA DBS BANK, LABUAN DEBENHAMS DEBIOPHARM

INTERNATIONAL DECHERT DELAWARE

CONSULTING ASIA PACIFIC

DELL DELL JAPAN DELOITTE DELOITTE TOUCHE

TOHMATSU DELPHI DELPHI CONNECTION

SYSTEMS HOLDING FRANCE

DELPHI POLAND SA GDANSK

DELTA ELECTRONICS DELUXE AUST DELUXE

ENTERTAINMENT SERVICES

DEMATIC DENTONS UKMEA DENTSPLY GAC

EUROPE DENTSPLY SIRONA

DENTSPLY SIRONA BENELUX

DESA DESPEGAR DESPEGAR.COM DEUTSCHE BANK AG DEUTSCHE TELEKOM

AG DEUTZ AGCO

MOTORES DEXMEDIA DFI HOME

FURNISHINGS TAIWAN

DHL EXPRESS DHL EXPRESS (HK) DHL EXPRESS (S) DHL EXPRESS INDIA DHL EXPRESS

THAILAND DHL GLOBAL

FORWARDING HONG KONG

DIA DIAGEO DIAGEO TAIWAN DIALOG

SEMICONDUCTOR DIANRONG DIEBOLD THAILAND DIODES TAIWAN DIRECTV DIRECTV LATAM DISCOVER FINANCIAL

SERVICES DISCOVERY

COMMUNICATIONS DISCOVERY

NETWORKS DISNEY DIVERSEY DIVERSEY

PHILIPPINES DKSH TAIWAN DKSH THAILAND DLINK BRASIL D-LINK

CORPORATION DMG MORI

AKTIENGESELLSCHAFT

DMGT D-MOP DMS DNP PROPERTY

MANAGEMENT DNV GL DON MARIO DONALDSON

COMPANY DONGGI SENORO DONGGUAN PRIMAX

ELECTRONIC & TELECOMMUNICATION PRODUCTS

DOW BRASIL DOW CHEMICAL DOW QUIMICA DP DP WORLD CALLAO DPD POLAND DR. REDDY'S

LABORATORIES DRESSER RAND DRISCOLL'S DSM DUBLIN AEROSPACE DUN & BRADSTREET,

TAIWAN DUPONT DUPONT DO BRASIL DUPONT MEXICO DYSON E INK HOLDINGS E.SUN COMMERCIAL

BANK EASTSPRING ASSET

MANAGEMENT KOREA

EASTSPRING INVESTMENTS INDONESIA

EASTSPRING SECURITIES INVESTMENT TRUST

EATON EATON (CHINA)

INVESTMENTS



EBRD ECOLAB ECOLAB INVESTMENT

CHINA ECOLAB PHILIPPINES ECOLAB QUÍMICA ECOMMERA ECOPETROL EDENOR EDF ENERGY EDIÇÕES GLOBO

CONDÉ NAST EDM EDREAMS ODIGEO EDWARDS

LIFESCIENCES EGYPTIAN

FERTELIZING EIR EISAI EISENMANN ELCA TAIWAN ELCA THAILAND ELDORADO ELECTROCOMPONEN

TS ELECTROLUX ELECTROLUX DO

BRASIL ELECTRONIC ARTS ELEKRTOSFERA

EOOD ELI LILLY ELI LILLY ASIA

PACIFIC ELI LILLY MALAYSIA ELNUSA EMERGING POWER EMERSON EMERSON

AUTOMATION SOLUTIONS SPAIN

EMERSON CLIMATE TECHNOLOGIES

EMERSON PROCESS MANAGEMENT

EMHK EMPRESAS POLAR EMS ENAGÁS ENAP SIPETROL ENERGIA SAN JUAN ENGIE - GLOBAL

ENERGY MANAGEMENT

ENGIE BRASIL ENERGIA

ENGLISH SCHOOLS FOUNDATION

ENTIE COMMERCIAL BANK

EON EPCOS EPISTAR EPSON EPSON EUROPE EQUICOM SHARED

SERVICES EQUIFAX ERICSSON ERNST & YOUNG ERSTE BANK

HUNGARY ESCO ESPN ESQUEL GARMENT

MANUFACTURING VIETNAM

ESTAFETA ESTERLINE

TECHNOLOGIES EUREST KFT EUROCLEAR EVERCRISP SNACK

PRODUCTOS DE CHILE

EVERSHEDS SUTHERLAND

EXCELITAS TECHNOLOGIES

EXL SERVICE EXOLGAN EXPEDIA EXPERIAN EXPERIAN ASIA

PACIFIC EXXONMOBIL FABRICA AUSTRAL

DE PRODUCTOS ELECTRICOS

FABRICA CARIOCA DE CATALISADORES

FADV FAIRTON

INTERNATIONAL GROUP

FAMILIA BERCOMAT FAMIQ FANUC THAI FAR EASTERN

FIBERTECH FAR EASTERN

INTERNATIONAL BANK

FAR EASTERN INTERNATIONAL LEASING

FAR EASTERN NEW CENTURY

FARMACITY FASTWEB FCA AUTOMOBILES FEDERAL EXPRESS FEDERAL EXPRESS

HONG KONG FEDERAL EXPRESS

THAILAND FEDERAL MOGUL FEDERATION OF

HONG KONG INDUSTRIES

FERRERO FERRING

INTERNATIONAL CENTER

FERRING MALAYSIA FERRING PRIVATE FERRO FERRO ARGENTINA FERROKNEPPER

BUDERUS FERROSAN FERROVIAL FERRUM FHJ FIAGRIL FIAT CHRYSLER

AUTOMOBILES FIBA GROUP FIELDFISHER FILA MARKETING

HONG KONG FINANCE FINANCIAL TIMES FINNING FIRST COMMERCIAL

BANK FIRST SOLAR FIRST UTILITY FIRST-AVIVA LIFE

INSURANCE FIS GLOBAL

BUSINESS SOLUTIONS

FISHER ROSEMOUNT SYSTEMS. PBO

FIVE9 PHILIPPINES FLENI FLEX INTERNATIONAL FLUOR FLY ACE FM LOGISTIC FMC TECHNOLOGIES FONDOMONTE FONTERRA JAPAN FORD FORD MOTOR

COMPANY FORMOSA

LABORATORIES FORTIS HEALTHCARE FORTUM FORTUNE

PHARMACAL FOUNDER

SECURITIES FRANCE ARGENTINE

COSMETIC FRANKE KS EGYPT FRANKLIN

TEMPLETON FRANK'S

INTERNATIONAL FREEWILL

SOLUTIONS VIETNAM

FRESENIUS MEDICAL CARE

FRESENIUS MEDICAL CARE SOLUTIONS SERVICES PHILIPPINES

FREUDENBERG FTLIFE INSURANCE

COMPANY ASIA FUBON BANK HONG

KONG FUBON LIFE

INSURANCE HONG KONG

FUJI XEROX HONG KONG

FUJI XEROX MALAYISA

FUJIAN JINHUA INTEGRATED CIRCUIT

FUJIAN NEWLAND SOFTWARE ENGINGEERING

FUJIFILM EUROPE FUJITSU

TECHNOLOGY SOLUTIONS

FUNDAÇÃO CPQD FUSHENG

INDUSTRIAL FWD LIFE INDONESIA FWD LIFE

INSURANCE FWD LIFE

INSURANCE BERMUDA

FWD LIFE INSURANCE VIETNAM

GADOR GALAXY

ENTERTAINMENT GROUP

GALDERMA GALDERMA

PHILIPPINES GALICIA SEGUROS GALVANI INDÚSTRIA,

COMÉRCIO E SERVIÇOS

GAM FUND MANAGEMENT

GAMEVIL GAMMON

CONSTRUCTION GANAGRIN GAP GAP INTERNATIONAL

SOURCING GARBARINO GBST WEALTH

MANAGEMENT GE APPLIANCES GE TECHNOLOGY

INDONESIA GEFCO GEMALTO GENERAL DE

SEGUROS GENERAL ELECTRIC GENERAL MILLS GENERAL MOTORS GENERAL MOTORS

ARGENTINA GENERAL MOTORS

CHILE GENERAL MOTORS

COLOMBIA GENERAL MOTORS

ECUADOR GENERAL MOTORS

PERU GENERAL MOTORS

URUGUAY GENERAL MOTORS

VENEZOLANA GENERAL

REINSURANCE GENERALI LIFE

ASSURANCE THAILAND

GENERALI THAILAND GENERALI

WORLDWIDE INSURANCE COMPANY

GENESYSLOGIC GENTING

PLANTATIONS BERHAD

GESTAMP GESTIMUSA GIA GIGAMEDIA GILEAD SCIENCES GIVAUDAN GLANBIA GLASSPOINT SOLAR

CHIINA GLAXOSMITHKLINE GLENMARK GLOBAL BUSINESS

POWER GLOBAL LEARNING

SUPPORT GLOBAL MAX

SERVICES ROHQ GLOBAL PAYMENTS

PROCESS CENTRE GLOBAL SOURCES GLOBAL TEK

FABRICATION GLOBALFOUNDRIES GLOBALFOUNDRIES

SINGAPORE GLOBANT GLOBE TELECOM GM FINANCIAL GODIVA UK GOJO INDUSTRIES GOL LINHAS AEREAS

INTELIGENTE GOLDENWAY

INVESTMENTS HOLDINGS

GOMAJI GOODMAN ASIA GOODWIN PROCTER GOOGLE GOWLING WLG GRACO GRAÑA Y MONTERO

PETROLERA GRANADO|PHEBO GRANT THORNTON GRAS SAVOYE WIILIS

TOWERS WATSON VIETNAM

GREAT EASTERN HOLDINGS

GREAT EASTERN LIFE ASSURANCE MALAYSIA BERHAD

GROOVE TECHNOLOGY VIETNAM

GROSVENOR GROUPM GRUMA GRUNDFOS GRUNENTHAL GRÜNENTHAL

VENEZOLANA FARMACEUTICA

GRUPO ASE GRUPO AXO GRUPO BERMEJO GRUPO BRAVANTE GRUPO CARREFOUR GRUPO FINANCIERO

MONEX GRUPO GARBARINO GRUPO LINDE GAS

ARGENTINA GRUPO MIRGOR GRUPO PIERO GRUPO PROMINENTE GRUPO PROSEGUR GRUPO PSA

(PEUGEOT CITROEN DS)

GRUPO RBS GSK GSK

PHARMACEUTICAL GUANGZHOU DIGITAL

TONGKEHU SERVICE

GUARDFORCE GUDENG PRECISION

INDUSTRIAL GUOCO GROUP

LIMITE GYPLAC H.B. FULLER HAECO HALLIBURTON HANG LUNG

PROPERTIES

HANG SENG BANK HANNOVER HANNSTAR DISPLAY HANON SYSTEMS

JAPAN HAP SENG

CONSOLIDATED BERHAD

HAPAG-LLOYD CHINA HARBINGER

SYSTEMS HARLEY-DAVIDSON

MOTOR COMPANY HARMAN BECKER

AUTOMOTIVE SYSTEMS

HARMAN DO BRASIL HARMAN

INTERNATIONAL HARMAN RUS CIS HARRIAGUE HASBRO FAR EAST HASTINGS DEERING HAWLEY & HAZEL

TAIWAN HEALTHCARE

MANAGEMENT TRUST

HEIDELBERG INDONESIA

HEINEKEN BROUWERIJEN B.V. TAIWAN BRANCH

HELEN OF TROY COMERCIAL OFFSHORE DE MACAU LIMITADA

HELION MARKET RESEARCH

HELLENIC PETROLEUM CYPRUS

HERBERT SMITH FREEHILLS

HERIOT-WATT UNIVERSITY MALAYSIA

HERMÈS HERMES-EPITEK HERSHEY MEXICO HERTZ HESS HEWLETT PACKARD

ENTERPRISE HGST PHILIPPINES HILTI ROMANIA HILTON HOTELS HINES

INTERNATIONAL. HIROSE ELECTRIC

SINGAPORE HITACHI DATA

SYSTEMS HKRI TAIKOO HUI HKT HMZONE.COM HOLLISTERORPORAT

ED HOLMAN FENWICK

WILLAN HOME CREDIT CHINA HOME CREDIT

INDONESIA HOMESERVE

MEMBERSHIP HONDA HONEYWELL HONG KONG

ADVENTIST HOSPITAL - STUBBS ROAD

HONG KONG AERO ENGINE SERVICES

HONG KONG AIRLINES

HONG KONG AVIATION GROUND SERVICES

HONG KONG BAPTIST UNIVERSITY

HONG KONG BROADBAND NETWORK

HONG KONG DA KANG INTERNATIONAL INVESTMENT

HONG KONG ECONOMIC TIMES



HONG KONG

EDUCATION CITY HONG KONG

EXAMINATIONS AND ASSESSMENT AUTHORITY

HONG KONG EXCHANGES AND CLEARING

HONG KONG FERRY HONG KONG

HOUSING AUTHORITY

HONG KONG HOUSING SOCIETY

HONG KONG INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

HONG KONG NOTE PRINTING

HONG KONG PRODUCTIVITY COUNCIL

HONG KONG TOURISM BOARD

HONG KONG UNITED DOCKYARD

HONG LEONG CAPITAL

HONG YIP SERVICE HONGKONG

INTERNATIONAL TERMINALS

HONGKONG INTERNATIONAL THEME PARKS

HONGKONG LAND HONGYUAN FUTURES HONTAI LIFE

INSURANCE HOSPIRA

HEALTHCARE INDIA HOWARD KENNEDY HOYA SURGICAL

OPTICS HP HPE HSBC HSBC GLOBAL ASSET

MANAGEMENT (TAIWAN)

HSBC TAIWAN HSS HIRE SERVICE

GROUP HTC HUA INSURANCE HUATAI INSURANCE

GROUP HUATAI PROPERTY &

CASUALTY INSURANCE

HUATAI-PINEBRIDGE INVESTMENTS

HUMAN HEALTH HONG KONG

HUSKY ENERGY HONG KONG

HUSKY INJECTION MOLDING SYSTEMS

HYPERMARCAS HYUNDAI AUTOEVER

BRASIL TECN INFA HYUNDAI MOTOR

BRAZIL IBM IBM BUSINESS

SERVICES I-CABLE

COMMUNICATIIONS ICBC ICBC ASIA ICON ICPA IDEMITSU KOSAN IEEE IGT IGT SPAIN LOTTERY IHS MARKIT IKEA IKEA DOM IMAGINEX

MANAGEMENT IMC PAN ASIA

ALLIANCE IMEC IMPAX IMPERIAL TOBACCO

TAIWAN

IMS INCHCAPE HONG

KONG INCYTE BIOSCIENCES INDOSAT, TBK INDRA PHILIPPINES INDULGE INDUSTRIAL BANK OF

TAIWAN INDUSTRIAS HACEB INFINEON

TECHNOLOGIES AG INFINEON

TECHNOLOGIES TAIWAN

INFINEUM BRASIL INFOR ARGENTINA INFOSYS INFOSYS BPO INGENICO

EPAYMENTS INGESOLL RAND INGRAM MICRO INMETRICS INNOGY INPEX AMERICAS INTEGRATED

DISPLAY TECHNOLOGY

INTEGRATED DNA TECHNOLOGIES

INTEGRATED FLOW SYSTEMS

INTER CARS INTER PARTNER

ASSISTANCE ALGÉRIE

INTERCONTINENTAL HOTELS GROUP

INTERCONTINTAL GRAND STANFORD HONG KONG

INTERFLOUR VIETNAM

INTERNATIONAL AUTOMOBILES

INTERNATIONAL PAPER

INTERNATIONAL SOS INTO UNIVERSITY

PARTNERSHIPS INTRACOPENTA INVESCO IPSEN IPSEN RUSSIA IRENE CHHOO IRISH DISTILLERS

PERNOD RICARD IRON MOUNTAIN ISOLA ASIA PACIFIC

HONG KONG ISTA SHARED

SERVICES ROMANIA IT CONVERGENCE ITI NEOVISION ITT ITV IVECO VENEZUELA IXOM JABIL CIRCUIT JABIL DESIGN

SERVICES JACOBS

ENGINEERING JACOBS RUS JACOBS

TECHNOLOGY JAGUAR LAND

ROVER JAPAN AIRLINES JAPAN AIRLINES

CHINA JARDINE AIRPORT

SERVICES JARDINE MOTORS

GROUP JARDINE, MATHESON JEBSEN JFE ENGINEERING

INDIA JG SUMMIT

HOLDINGS JIH SUN

INTERNATIONAL COMMERCIAL BANK

JIH SUN SECURITIES JK ORGANIZATION JLL JLT

JM FINANCIAL JMSMUCKER JOHN DEERE JOHN DEERE BRASIL JOHN SWIRE & SONS

HONG KONG JOHN WILEY & SONS JOHNSON &

JOHNSON JOHNSON CONTROLS JOHNSON HEALTH

TECH JOHNSON

OUTDOORS JOINCARE

PHARMACEUTICAL INDUSTRY GROUP

JOLLIBEE FOODS CORPORATION

JOLLIBEE VIETNAM JONES LANG

LASALLE JOTUN PAINTS

VIETNAM JP MORGAN CHASE JP MORGAN CHASE

BANK BERHAD JPMORGAN ASSET

MANAGEMENT TAIWAN

JSC R-PHARM JT INTERNATIONAL JT INTERNATIONAL

PHILIPPINES JTH GROUP JTI JTI PROCESSADORA JTI ROMANIA JUBILANT GENERICS K. WAH

CONSTRUCTION MATERIALS HONG KONG

K. WAH INTERNATIONAL HOLDINGS

K11 CONCEPTS KAO THAILAND KAPSCH KARCHER KATOEN NATIE

SERVICES KDDI KELLER KELLOGG RUS KELVION KENWORTH

MEXICANA MEXICO KEYSIGHT

TECHNOLOGIES KGI BANK KGI SECURITIES KIA KIER KIMBERLY-CLARK KING & WOOD

MALLESONS KING DRAGON LIFE

INSURANCE KINGFISHER ASIA KK ENTERPRISE KKBOX KLARNA AB (PUBL) KLATENCOR KLATENCOR JAPAN KLÖCKNER

PENTAPLAST KLX KMG SINGAPORE KML ENGINEERING KNIGHT FRANK

PETTY KNORR-BREMSE ASIA

PACIFIC KNOWLES

ELECTRONICS PHILIPPINES

KODAK ALARIS KOFAX KOHLER KOHLER EMEA KOMATSU KONE ELEVATOR

HONG KONG KOPERASI TENTERA KÖRBER AG KOWLOON-CANTON

RAILWAY KPMG

KUBOTA PHILIPPINES KUNLUN

HEALTH INSURANCE

KURARAY KOREA KWS KYOCERA L´OCCITANE DO

BRASIL L´OREAL LA GLORIOSA LA KAFFA

INTERNATIONAL LABORATÓRIO

PFIZERA LABORATÓRIOS

SERVIVER DO BRASILA

LABORATORIOS VICTORIA

LACOSTE LAFARGEHOLCIM LAM RESEARCH LAMEX TRADING LAMODA LANGHAM

HOSPITALITY GROUP

LANIT LASERTEC LASTMINUTE.COM LATAM LATHAM & WATKINS LAUREATE MEXICO

UNIVERSITIES LAZADA LBC EXPRESS LDS CHURCH LEADTREND

TECHNOLOGY LEDESMA LEDVANCE LEE KUM KEE INT'L

HOLDING LEIGHTON ASIA LEVEL 3 LEVEL 3

COMMUNICATIONS LEVI STRAUSS LEXMARK LG CHEM (TAIWAN) LG DISPLAY LG ELECTRONICS

EUROPEAN SHARED SERVICE CENTER B.V.

LIBBS FARMACÊUTICA

LIBERTY GLOBAL LIBERTY INSURANCE LIBERTY

INTERNATIONAL INSURANCE

LIBERTY MUTUAL INSRUANCE

LIBERTY SPECIALTY MARKETS

LIEBHERR LIEN CHANG

ELECTRONIC ENTERPRISE

LINDE LINDLEY LINK ASSET

MANAGMENT LINKEDIN LLOYDS REGISTER L'OCCITANE RUSSIA LOGICALIS LONZA BIOLOGICS

PORRIÑO LONZA JAPAN LOTUS

PHARMACEUTICAL LOUIS DREYFUS

COMPANY LOUIS DREYFUS

COMPANY SERVICES BULGARIA EOOD

LSG LUFTHANSA SERVICE HONG KONG

LUBRIZOL ADVANCED MATERIALS INDIA PRIVATE

LUIS PASTEUR LUKOIL LUMENTUM

LUTRON LVMH P&C UKRAINE LYONDELLBASELL M&I SYSTEMS M.VIDEO M/S CONCENTRIX

DAKSH BUSINESS PROCESS SERVICES

MACHADO MEYER MAGGIOLO MAHINDRA COMVIVA MAHLE MALAKOFF MALAYAN BANKING MALAYAN

INSURANCE MALAYSIAN

ELECTRONIC CLEARING CORPORATION

MALAYSIAN ELECTRONIC PAYMENT SYSTEM

MALL PLAZA MANDATORY

PROVIDENT FUND SCHEMES AUTHORITY

MANILA ELECTRIC COMPANY

MANILA NORTH TOLLWAYS

MANPOWER GROUP MANULIFE MANULIFE ASET

MANAJEMEN INDONESIA

MANULIFE ASSET MANAGEMENT (TAIWAN)

MANULIFE CAMBODIA MANULIFE

INSURANCE MAPLETREE

INVESTMENTS MARCO POLO

HOTELS MANAGEMENT

MARICO SEA MARKS AND

SPENCER ASIA PACIFIC

MARS MARVELL KOREA MARVELL

TECHNOLOGY JAPAN

MARY KAY MARY KAY ASIA

SERVICES MARY KAY

COSMETICOS MASISA MASTERCARD MASTERLINK

SECURITIES MAXAM MAXIM INTEGRATED MAXIM'S CATERERS MAXIS MAYBANK MAYBANK INDONESIA MAYBANK VIETNAM MBDA ITALY MCCAIN MCCAIN FOODS MCDERMOTT MCDERMOTT

INTERNATIONAL. MCDONALD`S

RESTAURANTS (TAIWAN)

MCDONALD'S MCDONALD'S

COMPANY JAPAN MCDONALD'S

RESTAURANTS HONG KONG

MCGRAW HILL EDUCATION

MCIS INSURANCE MCKESSON MDI-NOVARE

TECHNOLOGIES MEAD JOHNSON MEAD JOHNSON

NUTRITION PHILIPPINES



MEDANITO MEDIACORP MEDICON MEDIX MEDOVATIONS MEDTRONIC MEGATLON MEKONG ENERGY MELALEUCA MELCO SERVICES MELÓN MENTOR GRAPHICS MENTOR GRAPHICS

CHINA MERCADO ABIERTO

ELECTRÓNICO MERCEDES-BENZ

TAIWAN MERCK MERCK KGAA MERCK SHARP &

DOHME MERCK SHARP &

DOHME ASIA MERCKGROUP MERCURIES LIFE

INSURANCE MERITOR MERZ ASIA PACIFIC MERZ PHARMA METAL ONE

CORPORATION (TAIWAN)

METAL ONE THAILAND

METALES DEL TALAR METLIFE METRO AEBE METRO PACIFIC

INVESTMENTS CORPORATION

METTLER-TOLEDO MICRON

TECHNOLOGY MICROSOFT MICROSOURCING

PHILIPPINES MICROSTRATEGY

BRASILA MIDLAND HOLDINGS MINDCREST INDIA MINDTREE MINE SAFEY

APPLIANCES MINERA BARRICK MINERA BARRICK

MISQUICHILCA MINTERELLISON MIRA MEDSOURCE MITRASTAR MITSUBISHI

MATERIALS SOUTHEAST ASIA

MIZUHO BANK MIZUHO BANK

MANILA MOBIVIA MODEC MODERN TERMINALS MODULAR MINING

SYSTEMS MOL ASIA MOLEX TAIWAN MOLFINO HNOS MONDELEZ MONDELEZ

ARGENTINA MONDELEZ

BUSINESS SERVICES

MONDELEZ ÖSTERREICH

MONSANTO MONSOON

ACCESSORIZE MOODY'S MOOG IRELAND MORNINGSTAR INDIA MORPHO MORPHO CARDS MOSAIC MOSAIC

FERTILIZANTES DO BRASILA

MOVILE INTERNET MOVEL

MOVISTAR MPHASIS MPIL

MSA DO BRASIL EQUIPAMENTOS E INSTRUMENTOS DE SEGURANÇAA

MSD MSD THAILAND MSD VIETNAM MSIG HOLDINGS ASIA MTR CORPORATION MTS SYSTEMS MULTIRASA

NUSANTARA MUNDIPHARMA

BRASIL PROD MÉDICOS E FARMACÊUTICOSA

MUNICH RE MUNICH RE

SINGAPORE MUNIDPHARMA

INTERNATIONAL MURATA CO MURATA MACHINERY MYLAN MYLAN HUNGARY NA NAGRA KUDELSKI

GROPUP NALCO VENEZUELA NAN SHAN LIFE

INSURANCE NANJING MICRO ONE

ELECTRONICS NANO AND

ADVANCED MATERIALS INSTITUTE

NANYANG COMMERCIAL BANK

NATIONAL AUSTALIA BANK

NATIONAL INSTRUMENTS TAIWAN

NATURA NAVENT NBCUNIVERSAL NCR NDI-NOVARE

TECHNOLOGIES NEC NEC CORPORATION

OF AMERICA NEORIS NESTLE NESTLÉ EGYPT NESTLE HONG KONG NESTLE THAI NETAPP NETBASE

SOLUTIONS, TAIWAN BRANCH

NETSHOES NETWORKS! NEW DAY NEW WORLD FIRST

FERRY SERVICES NEWELL BRANDS NEXTEL

TELECOMUNICAÇÕES

NG BAILEY NGONG PING 360 NH HOTELES NHK JAPAN

BROADCASTING NI HUNGARY NIC GROUP NIDERA NIDERA SEMENTES NIPPON SHEET

GLASS NISSAN NISSAN EUROPE NISSAN

MANUFACTURING RUS

NISSIN FOODS NOBEL BIOCARE

JAPAN NOBINA NOKIA NOKIA SOLUTIONS &

NETWORKS INDONESIA

NORTHERN TRUST NORTHROP

GRUMMAN NOVAMEDICA

NOVARTIS NOVARTIS TAIWAN NOVO NORDISK NOVO NORDISK

PANAMA NOVO NORDISK

PHARMA TAIWAN NOVOZYMES NOVOZYMES BIOAG NS2 COM INTERNET

SA NTT COM ASIA NU SKIN

ENTERPRISES NUFARM INDÚSTRIA

QUÍMICA E FARMACÊUTICA

NXP SEMICONDUCTORS HONG KONG

NXP SEMINCONDUCTORS

OBERTHUR TECHNOLOGIES MIDDLE EAST

OBERTHUR TECHNOLOGIES R&D POLAND

OBI PHARMA OCBC OCBC CHINA OCBC WING HANG

BANK OCEAN LIFE

INSURANCE OCJ.COM.CN OCWEN FINANCIAL

SOLUTIONS OCWEN FINANCIALS ODEBRECHT OLEO E

GAS OFCOM OFFICE

ADMINISTRATIONS OI SA OLX OLX BRASIL OLX PHILIPPINES OMG VIETNAM OMINT ONAPSIS ONEFAMILY ONO PHARMA UK OOO "NIKON" OPENET TELECOM OPENET TELECOM

MALAYSIA ORACLE ORACLE EMEA ORANGE BUSINESS

SERVICES ORBIS

INTERNATIONAL ORGANIZACIÓN

CORONA ORGANIZACIÓN

SORIANA ORIENT OVERSEAS

CONTAINER LINE ORIFLAME ORIGIN FUND

MANAGEMENT ORTHOFIX DO BRASIL OTIS ELEVATOR

COMPANY HONG KONG

OTIS ELEVATOR KOREA

OTSUKA OTSUKA OPV JSC OTSUKA PHARAM

SCANDINAVIA OUR HK FOUNDATION OURO PRETO ÓLEO E

GÁS OVERSEA-CHINESE

BANKING CORPORATION

OWENS ILLINOIS OXFORD

INSTRUMENTS OXFORD UNIVERISTY

PRESS OZON.RU PACIFIC CENTURY

PREMIUM DEVELOPMENTS

PACIFIC CROSS HEALTH INSURANCE

PADTEC PAGESJAUNES PALL CORPORATION PANASONIC HONG

KONG PAPEL PRENSA PAREXEL PARMALAT

PORTUGAL PARQUE ARAUCO PATH PCA LIFE

ASSURANCE PCCW PEARSON

EDUCATION ASIA PEARSON EDUCTION

ASIA PEGASYSTEMS PEGATRON PEISA PENGUIN RANDOM

HOUSE GRUPO EDITORIAL

PENSPEN PENTA-OCEAN

CONSTRUCTION PEPPER ASSET

SERVICING PEPSI COLA

PRODUCTS PHILIPPINES

PEPSICO PEPSICO EGYPT PEPSICO HOLDINGS PEPSICO INDIA PERKINELMER PERNOD RICARD PERNOD RICARD

SOUTH AFRICA PERRIGO MÉIXCO PETROBRAS PETROCHINA

INTERNATIONAL JABUNG

PETROGAL BRASIL PETROPERU PFIZER PFIZER ASIA PACIFIC PFIZER MALAYSIA

SDN BHD PGI PHILIP MORRIS PHILIP MORRIS

JAPAN PHILIPPINE

BUSINESS BANK PHILIPPINE SAVINGS

BANK PHILLIPS 66 PHINMA PHOENIX CONTACT PINEBRIDGE

INVESTMENTS MANAGEMENT TAIWAN

PING AN SECURITIES PING GOLF JAPAN PITNEY BOWES PIVARA SKOPJE PLADIS GLOBAL PLANSEE JAPAN PLUSPETROL PLUSPETROL NORTE PNB METLIFE INDIA

INSURANCE POINTER POINTWEST

TECHNOLOGIES CORPORATION

POLYONE POLYPLASTICS POSITIVO

INFORMATICA POTTERMORE PRA HEALTH

SCIENCES PRACTIA PRAGMA

CONSULTORES PRESIDENT

INFORMATION PRESIDENT

LOGISTICS INTERNATIONAL

PRESIDENT SECURITIES

PRESIDENT TRANSNET

PREVOIR VIETNAM LIFE INSURANCE

PRIMA AFP PRIMAX

ELECTRONICS PRIME CARE PRIMUS PRINCIPAL PROCTER & GAMBLE PRODUBAN SERV

INFORMÁTICA PRODUCTORS

ROCHE QFSA PRODUCTS

PHILIPPINES PRODUTOS ROCHE

QUÍMICOS E FARMACÊUTICOS

PROFERTIL PROLOGIS PROMEDON PROMON

ENGENHARIA PRONACA PROSEGUR PROSEGUR BRASIL PROSEGUR

PARAGUAY PROTEIN S.A. DE C.V.

(APOTEX) PROXIAD BULGARIA PRU LIFE UK PRUDENTIAL ASIA PRUDENTIAL BSN

TAKAFUL PRUDENTIAL

FINANCIAL SECURITIES INVESTMENT TRUST ENTERPRISE

PRUDENTIAL GHO PRUDENTIAL HONG

KONG PRUDENTIAL LIFE

ASSURANCE PRUDENTIAL LIFE

INSURANCE COMPANY OF TAIWAN

PRUDENTIAL SERVICES ASIA

PRUDENTIAL VIETNAM ASSURANCE

PSA PEUGEOT CITROEN

PSG GLOBAL SOLUTIONS

PTTEP MALUNDA PUBLIC BANK PUBLIC BANK HONG

KONG PUENTE HNOS PUNCH

ENTERTAINMENT VIETNAM

PUNGKOOK SAI GON III

PURAPHARM PUSAN NEW PORT

INTERNATIONAL TERMINAL

PVH ASIA QBE QBE INSURANCE QBP TAIWAN QI PHILIPPINES QINETIQ QOROS AUTOMOTIVE QUALCOMM QUALITY

HEALTHCARE MEDICAL SERVICES

QUANTUM QUEIROZ GALVÃO

EXPLORAÇÃO E PRODUÇÃO

QUIMICA SUIZA Q-WARE SYSTEMS &

SERVICES R/GA RABOBANK RABOBANK

INDONESIA RAFFO



RAJAWALI CORPORA RALPH LAUREN RAVAGO

COORDINATION CENTER

RBC RBS SERVICES INDIA RCBC BANKARD

SERVICES CORPORATION

RCG GLOBAL SERVICES

RCSI RECKITT BENCKISER RECTICEL REED BUSINESS

INFORMATION REED ELSEVIER

SHARED SERVICES PHILIPPINES

REGIS MUTUAL MANAGEMENT

RENAULT RUSSIA RENTOKIL INITIAL

HONG KONG REPSOL PERÚ REPSOL SINOPEC

BRASIL REPUBLIC CEMENT

SERVICES REWARD GATEWAY RFM CORPORATION RGA RHB BANK RICARDO RICETEC RICOH RICOH RUS RIDGE TOOL EUROPE RINGIER VIETNAM RIVIERAWAVES ROBERT BOSCH

MEXICO ROBINSONS RETAIL

HOLDINGS ROCHE ROCHE AUSTRIA ROCHE BULGARIA ROCHE DIAGNOSTICS ROCHE DIAGNOSTICS

RUS ROCHE DIAGNOSTICS

TAIWAN ROCHE EGYPT ROCHE KOREA ROCHE

PHARMACEUTICALS ROCHE PRODUCTS ROCHE SERVICIOS

DE MÉXICO ROCHE SINGAPORE

TECHNICAL OPERATIONS

ROCKWELL AUTOMATION

ROCKWELL COLLINS ROEMMERS ROGERS

TECHNOLOGIES (SUZHOU)

ROHDE & SCHWARZ ROHM

SEMICONDUCTOR HONG KONG

ROLLS-ROYCE BRASILA

ROPES & GRAY INTERNATIONAL

ROSEMOUNT TANK RADAR AB

ROTAM ROTAM

AGROCHEMICAL ROTARY

INTERNATIONAL ASOCIACION CIVIL

ROTOPLAS ROYAL BANK OF

CANADA RPC RR DONNELLEY GTS RR DONNELLEY

PHILS RS COMPONENTS RSA INSURANCE RTC RUBRIKK RYODEN

DEVELOPMENT

S&P GLOBAL S. C. JOHNSON & SON

TAIWAN SABIC SABIC AUSTRALIA SABIC CHINA SABIC HONG KONG SABIC INDIA SABIC INDONESIA SABRE SAGE DO BRASILA SAINT FRANCIS

HEALTH SYSTEM SAIPEM DO BRASIL SAK SIN PRASIT SAMSONITE SAMSONITE ASIA SAMSUNG SAN MIGUEL SAN MIGUEL

BREWERY HONG KONG

SANDVIK SANLAM SANMINA - SCI

SYSTEMS THAILAND SANMINA SYSTEMS

SINGAPORE SANOFI SANOFI AVENTIS SANPHAR SAÚDE

ANIMALA SANTANDER ESPAÑA SANTANDER RIO SANTO ANTÔNIO

ENERGIA SAP SAP LABS BULGARIA SAPA ALUMINIUM SAS INSTITUTE

PHILIPPINES SAS INSTITUTE

TAIWAN SAS PHILIPPINES SAVIA SAVIA PERU SBERBANK SC JOHNSON & SON SCA TAIWAN SCANIA SCANIA-RUS SCHENKER KOREA SCHENKER

SINGAPORE SCHINDLER SCHINDLER INDIA SCHINDLER LIFTS

HONG KONG SCHNEIDER

ELECTRIC SCHNEIDER

THAILAND SCIENTIFIC GAMES SCIENZA SCINOPHARM

TAIWAN SCOTIABANK SCOTIABANK

IRELAND SEA HOLDINGS SEADRILL SEALED AIR SEALED AIR

CORPORATION SEALED AIR ITALY SELECT SERVICE

PARTNER HONG KONG

SENSIENT TECHNOLOGIES

SENSIRION AG SEPHORA SEPHORA THAILAND SEPTENI HOLDINGS SERASA EXPERIAN SERDIX SERGIO ROSSI HONG

KONG SERMSUK SERVICESOURCE SERVICIOS LABIN SERVIER SERVIER

LABORATORIES SERVIER PHARMA SERVIER

PHILIPPINES SES SGS

SGS BELGIUM SGS GREECE SGS GROUP

MANAGEMENT SGS GULF SGS KAZAKHSTAN SGS MALAYSIA SGS POLSKA SGS SLOVAKIA SGS SLOVENIJA SGS TURKEY SGS UNITED

KINGDOM SGX SHANGHAI

COMMERCIAL BANK SHANGRI-LA

INTERNATIONAL HOTEL MANAGEMENT

SHARED SERVICES SHEARWATER

HEALTH SHELL OIL SHENZHEN SAIYIFA

WEIDIANZI SHIMODA TRADING SHIN KONG BANK SHIN KONG LIFE

INSURANCE SHINKONG

INSURANCE SHINRYO HONG

KONG SHISEIDO SHISEIDO THAILAND SHL SHUN TAK HOLDINGS SHUN TAK HOLDINGS

MACAU SICPA SIDLEY AUSTIN SIEGWERK SIEMENS SIEMENS INDUSTRY

SOFTWARE SIEMENS TAIWAN SIEMENS USA SIME DARBY

HOLDINGS BERHAD SINGAPORE

TELECOMMUNICATIONS

SINO LAND COMPANY SINOPAC SECURITIES SINOPAC SECURITIES

ASIA SINOPEC ARGENTINA SINYI REALTY SITEL SIX MANAGEMENT AG SKANDINAVISAK

ENSKILDA BANKEN AB SINGAPORE

SKANSKA SKF SKINCO SKYSILICON SLATER AND

GORDON SLI SYSTEMS SMA SOLAR

TECHNOLOGY AG SMARTONE

TELECOMMUNICATIONS

SMBC MANILA BRANCH

SMITH & NEPHEW SMU SMURFIT KAPPA SNAP-ON SOCIEDAD

ARGENTINA DE ENERGÍA

SOCIÉTÉ GÉNÉRALE SODEXO SODEXO ON-SITE DO

BRASIL SOFRECOM SOLENIS SOMPO CANOPIUS SOMPO INSURANCE

HONG KONG SONANGOL

HIDROCARBONETOS BRASILA

SONY DEVICE TECHNOLOGY THAILAND

SONY TAIWAN SOUTHEASTERN

GROCERS SOUTHWEST

SECURITIES FINANCIAL MANAGMENET HONG KONG

SOVENA SPANSION JAPAN SPECTRIS KOREA SPECTRUM BRANDS

HHI MEXICO SPEEDFAM IN SPI LASERS SPOTIFY SPX CORPORATION SPX FLOW ST JAMES'S PLACE

WEALTH MANAGEMENT

STANDARD CHARTERED BANK

STANDARD CHARTERED BANK HONG KONG

STANDARD CHARTERED BANK MALAYSIA

STANDARD LIFE STANLEY BLACK &

DECKER STARBUCKS.CO.JP STEVENS & BOLTON STMICROELECTRONI

CS MOROCCO STOLLER STOLT-NIELSEN STRYKER STRYKER

HEALTHCARE PRODUCTS BEIJING

STRYKER PACIFIC STUDIO A SUBSEA7 DO BRASIL

SERVIÇOS SUBWAY SUMIFRU

PHILIPPINES SUMIKA

TECHNOLOGY SUMITOMO HEAVY

INDUSTRIES SUMITOMO

INDONESIA SUMITOMO MITSUI

BANKING SUMITOMO MITSUI

BANKING TAIPEI SUMITOMO RIKO

COMPANY SUMITOMO TAIWAN SUN LIFE

ASSURANCE COMPANY OF CANADA

SUN LIFE EVERBRIGHT LIFE INSURANCE

SUN LIFE FINANCIAL ASIA

SUN LIFE HONG KONG

SUNPOWER PHILIPPINES

SUNSTAR SUISSE SUNWAY EDUCATION

GROUP SUPERIOR

INDUSTRIES DE MEXICO

SUZANO PAPEL E CELULOSE

SVENSKA HANDELSBANKEN

SWAROVSKI SWAROVSKI

SERVICIOS SWAROVSKI UK SWEDBANK SWIFT SWINBURNE

UNIVERSITY OF TECHNOLOGY SARAWAK CAMPUS

SWIRE BEVERAGES

SWIRE COCA-COLA TAIWAN

SWIRE HOTELS SWIRE RESOURCES SWISS MEDICAL SWISS RE BEIJING

BRANCH SWM SYARIKAT TAKAFUL

MALAYSIA BERHAD SYKES ASIA SYNAPTICS SYNCREON SYNGENTA SYNGENTA CROP

PROTECTION AG, BASEL

SYNHTOMER SYNMOSA

BIOPHARMA CORPORATION

SYSMEX CORPORATION

SYSMEX DO BRASIL SYSMEX KOREA SYSTEX

CORPORATION T&L SUGARS TAG AVIATION ASIA TAIPEI FINANCIAL

CENTER TAIPEI FUBON

COMMERCIAL BANK HONG KONG

TAISHIN INVESTMENT TRUST

TAIWAN CHLORINE INDUSTRIES

TAIWAN HIGH SPEED RAIL CORPORATION

TAIWAN HITACHI ASIA PACIFIC

TAIWAN LIFE INSURANCE

TAIWAN MURATA ELECTRONICS

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY

TAIYO YUDEN TAKACHIHO FIRE,

SECURITY & SERVICES THAILAND

TAKEDA TAKEDA

DEVELOPMENT CENTRE EUROPE

TAKEDA HEALTHCARE

TALIS ASSET MANAGEMENT

TALISMAN SAKAKEMANG BV

TASS INTERNATIONAL

TAYLOR VINTERS TAYLOR WESSING TDK EUROPE TE CONNECTIVITY TE CONNECTIVITY

DISTRIBUTION THAILAND

TECH DATA EUROPE TECH MAHINDRA TECHDATA TECHNICOLOR TECHNISYS TECNINCO /

ENGINEERING COMPANY

TECNOFARMA TECNOLOGIA

BANCÁRIA TECNOMEX

INDUSTRIAL TECO ELECTRIC &

MACHINERY TELCOM VENTURES TELCOM VENTURES

DE ARGENTINA TELE2 TELEFLEXORPORATE

D TELEFONICA TELEFONICA DEL

PERU



TELEFONICA

VENEZOLANA TELEPERFORMANCE

PHILIPPINES TELEPORT BUSINESS

TECH SOLUTIONS TELETECH HOLDINGS TELMEX TENNECO TERA POWER

TECHNOLOGY TERADATA TERADYNE

PHILIPPINES TERADYNE TAIWAN TERMINAL ZARATE TERUMO TERUMO MEDICAL

DO BRASIL TESARO TESCO TESCO LOTUS TESCO STORES

MALAYSIA TESTRITE TETRA PAK TEVA TEVA

PHARMACEUTICALS TEX YEAR

INDUSTRIES TEXAS INSTRUMENTS TFL ARGENTINA TGV TH PROPERTIES THAI BEVERAGE THAI CENTRAL

CHEMICAL THAI UNION GROUP THAI-MC THAMES WATER

UTILITIES THE BANK OF EAST

ASIA THE BANK OF TOKYO-

MITSUBISHI UFJ THE BILL AND

MELINDA GATES FOUNDATION

THE BOEING COMPANY

THE COCA-COLA COMPANY

THE DAIRY FARM COMPANY

THE EDUCATION UNIVERSITY OF HONG KONG

THE ESLITE THE FINANCIAL

TIMES HONG KONG THE FRANICS CRICK

INSTITUTE THE HERSHEY

COMPANY THE HIMALAYA DRUG

COMPANY THE HONG KONG

AND CHINA GAS COMPANY

THE HONG KONG JOCKEY CLUB

THE HONG KONG RESEARCH INSTITUTE OF TEXTILES AND APPAREL

THE HONGKONG AND SHANGHAI HOTELS

THE HONGKONG ELECTRIC

THE INDEPENDENT SCHOOLS FOUMDATION ACADEMY

THE JARDINE ENGINEERING

THE KOWLOON MOTOR BUS

THE LION GROUP THE NATURE

CONSERVANCY

THE NORTHVIEW GROUP

THE OPEN UNIVERSITY OF HONG KONG

THE STONES HOTEL BALI

THE SWATCH GROUP FAR EAST DISTRIBUTION

THE SWATCH GROUP HONG KONG

THE TOKIO MARINE & FIRE INSURANCE HONG KONG

THE TORO COMPANY THE WALT DISNEY

COMPANY THE WALT DISNEY

COMPANY JAPAN THE WALT DISNEY

COMPANY RUSSIA & CIS

THERMO FISHER SCIENTIFIC

THERMO FISHER SCIENTIFIC CHINA

THOMAS COOK GROUP

THOMSON REUTERS THREE HUTCHINSON THREE IRELAND THYSSENKRUPP AG THYSSENKRUPP

ELEVATOR KOREA TIFFANY & CO TIGO GUATEMALA TIM TIME INDIA TIMET TIMKEN ROMANIA TIP TRAILER

SERVICES MANAGEMENT

TITANSOFT TAIWAN BRANCH

TJX EUROPE TLG CAPITAL TMF TMLS TNB TOK&STOK TOKAI CARBON TOKIO MARINE

INSURANS MALAYSIA

TOKIO MARINE LIFE INSURANCE SINGAPORE

TOKUYAMA MALAYSIA

TOKYO ELECTRON SHANGHAI

TOKYO ELECTRON TAIWAN

TOLLWAYS MANAGEMENT

TOPPAN CHUNGHWA ELECTRONICS

TORAY PLASTICS AMERICA

TORRENT DO BRASIL TORY BURCH TOTAL E&P

INDONESIE TOYOTA CAPITAL

MALAYSIA TOYOTA FINANCIAL

SERVICES VN TOYOTA MOTOR

PHILS. TPI COMPOSITES TRADEO TRANSPORTADORA

DE GAS DEL NORTE TRAVELERS TRAVERS SMITH TREELOG SA

LOGÍSTICA E DISTRIBUIÇÃO

TREVES GROUP

TRIGRANIT DEVELOPMENT

TRIMBLE TRINITY SECURITIES TRIUMPH

MOTORCYCLES TRUE CORPORATION TSB TSI CHINA TSMC JAPAN TSU COSMETICOS TSUEN WAN

ADVENTIST HOSPITAL

T-SYSTEMS MEXICO T-SYSTEMS RUSSIA TT ELECTRONICS TTI HONG KONG TULLOW OIL TUPPERWARE

BRANDS TUPPERWARE

BRANDS PHILIPPINES

TURNER TUTEUR TÜV RHEINLAND TÜV SÜD TVGLOBO TVSBT TWS UBM UBS UCB UCB BIOPHARMA UCP BACKUS &

JOHNSTON UCSA UK GK NOVARD UL ULINE UNICHEM

LABORATORIES UNIFY BULGARIA UNILEVER UNILEVER MALAYSIA UNIONBANK OF THE

PHILIPPINES UNIPAR

CARBOCLORO UNIPRO PJSC UNISYS UNITED ENGINEERS UNITED FAMILY

HEALTHCARE UNITED HEALTH

GROUP UNITED

LABORATORIES UNITED

MICROELECTRONICS

UNITED NATIONS INTERNATIONAL SCHOOL OF HANOI

UNITED OVERSEAS BANK

UNITED OVERSEAS BANK MALAYSIA

UNITEDHEALTH GROUP

UNITEDLEX UNIVERSAL GLOBAL

SCIENTIFIC INDUSTRIAL

UNIVERSIDAD SIGLO 21

UNIVERSITY OF MINNESOTA

UPL UPS URBAN RENEWAL

AUTHORITY US AUTO PARTS

NETWORK US BANK UST GLOBAL USUI INTERNATIONAL

INDONESIA UTC GROUP - BIS

TAIWAN VAILLANT GROUP

VALENTIN BIANCHI VALERO ENERGY VALSPAR VARIAN MEDICAL

SYSTEMS VARIAN MEDICAL

SYSTEMS RUS VARIFARMA VC GROUP VELOCITY PARTNERS VERIZON VERTEX

PHARMACEUTICALS VERTIV VERTIVCO VESTAS WIND

SYSTEMS VESUVIUS VESUVIUS FRANCE VESUVIUS MID-EAST VESUVIUS POLAND VESUVIUS

REFRATÁRIOS VESUVIUS UK VF BRANDS TAIWAN VF JEANSWEAR VIFOR PHARMA VIKO VIRBAC DO BRASIL VIRGIN MEDIA VISA VISA WORLDWIDE VISTRA GROUP VITA GREEN HEALTH

PRODUCTS VIVANT VODAFONE VODAFONE EGYPT VOLKSWAGEN VOLKSWAGEN

GROUP HONG KONG

VOLVO TRUCKS VSTV VTECH CORPORATE

SERVICES VWR INTERNATIONAL W.R.GRACE WALMART WALSIN WARNER MUSIC WATCHDATA

TECHNOLOGIES WATERS

CORPORATION WATSONS PERSONAL

CARE STORES (TAIWAN)

WEATHERFORD WEBCAST

TECHNOLOGIES WELL WELLS FARGO INDIA

SOLUTIONS WEOME TAIWAN

COMPANY WERNER ACCESS

PRODUCTS PHILIPPINES

WEST KOWLOON CULTURAL DISTRICT AUTHORITY

WEST PHARMACEUTICAL PACKAGING

WEST PHARMACEUTICAL SERVICES

WESTERN UNION WHARF T&T WHEELOCK

PROPERTIES HONG KONG

WHG CUSTOMER SERVICES PHILIPPINES

WHIRLPOOL WHITE & CASE WILHELMSEN SHIPS

SERVIC

WILLIAMS-SONOMA SINGAPORE

WIN HANVERKY HOLDINGS

WINCOR NIXDORF WIPRO WITHERS WORLDLINE WORLEYPARSONS

BUSINESS SERVICES

WOWPRIME WT MICRO-

ELECTRONICS WUHAN XINXIN

INTEGRATION DIANLU MANUFACTURE

WUJIANG HUAFENG ELECTRON TECHNOLOGY

WYETH PHILIPPINES XAC AUTOMATION XEROX TECHNOLOGY

SERVICES YAMAHA MOTOR

PHILIPPINES YANACOCHA YANDEX YASKAWA ELECTRIC

THAILAND YFY YHS SINGAPORE YIPINTSOI&CO YOKOGAWA

ENGINEERING ASIA YPF YUANTA

COMMERCIAL BANK YUANTA LIFE

INSURANCE YUANTA SECURITIES

INVESTMENT TRUST

YUEN FOONG YU CONSUMER PRODUCTS

YUM RESTAURANT INTERNATIONAL THAILAND

YUNGTAY ZALANDO ZAMBON PHARMA ZAO INTERNATIONAL

PAPER ZEGNA JAPAN ZEHNDER GROUP

INTERNATIONAL ZF NORTH AMERICA ZHESHANG FUND

MANAGEMENT ZIMMER BIOMET ZIMMER BIOMET

FRANCE ZIMMER BIOMET

TAIWAN ZIMMER BIOMET UK ZIMMER DENTAL

ISRAEL ZKING PROPERTY

AND CASUALTY INSURANCE

ZOETIS ZTE ZURICH INSURANCE ZURICH INSURANCE

COMPANY JAPAN ZURICH INSURANCE

MALAYSIA ZURICH INSURANCE

SINGAPORE ZURICH

INTERNATIONAL LIFE

ZURICH SANTANDER ZURICH SERVICES

HONG KONG ZURICH TOPAS LIFE





fea

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

Willis Towers Watson Data Services

Willis Towers Watson Data Services is a leading provider of compensation, benefits and employment practices information to the global employer community. Our databases are recognized worldwide as a premier source of current data for compensation planning.

Copyright © 2017 Willis Towers Watson. All rights reserved.

wtwdataservices.com

Documents

Global 2017 Salary Budget Planning Report · 2017-04-28 · 2017 Salary Budget Planning Report - Quarter 1 Edition 3 About Us Companies continually struggle to attract and retain