Pay research by Watson Wyatt shows that managers in Switzerland can expect the lowest pay rise this year while those in Greece will celebrate with top rewards.
Watson Wyatt’s global 50 remuneration planning report shows that salary increases for Greek managers are projected to rise by 5% this year but by just 2% for managers in Switzerland. The average projected increase for a UK manager is 3.5%.
Anne G Severeyns, senior consultant at Watson Wyatt accounted for the pay differential:
“This can be explained by the differing economic and tax backgrounds and differing rates of inflation – around 3.5% in Greece compared to 0.6% in Switzerland.”
Survey authors predict that as Turkey enters the EU, middle management salaries in subsidiaries of multinational companies in the country will increase by 13% from a base salary of US$71,753.
The official target of the government is to reach 10% inflation in 2005, a record low rate for Turkey.