Links’ 2023 Asia Pacific Salary Guide covers the trends and insights into the 2023 job market and what to expect for the rest of the year now that borders all around APAC have reopened. Gain a better understanding of the performance of current job markets and projected salary increments for the year!
1. Hong Kong and Singapore Talent-Hungry for World’s Best
Both Hong Kong and Singapore have introduced ambitious schemes recently. December 2022 saw Hong Kong launching the “Top Talent Pass Scheme” aimed at high earners and graduates of global top universities to enter Hong Kong without having to secure a job offer beforehand. Over 5,800 applications have been approved already as of early February 2023.
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Singapore introduced the Overseas Networks & Expertise Pass (ONE) to also attract global professionals targeting individuals who earn at least S$30,000 per month. Additionally, Singapore will also overhaul the Employment Pass (EP) application process with the new Complementarity Assessment Framework (COMPASS) that will be launched in September 2023.
*For China, things looked promising when they reopened their borders in early 2023, however, the development and response from the economy could potentially impact salary increments in the Mainland.
Source: Links International
3. IT Industry to Power Through Predicted Recession in Hong Kong and Singapore
Even as global tech giants are laying off staff by the masses, the Hong Kong scene may be different this year as talent in the sector is looking to be doubled through various support measures. Similarly, Singapore is confident that jobs in IT will still be aplenty. Labour Chief Ng Chee Meng mentioned that as the tech industry will be rapidly evolving, candidates should be more adaptable and continue upskilling themselves.
4. Mainland China More Open to the Idea of Remote Work
More companies and workers are starting to adopt remote office work and study methods in China. In H1 of 2022, the number of remote office users in China reached 43.8%, representing an increase of 22.6 percentage points from the same period in 2020.
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5. Underemployment and Unemployment Drop for 8th Time in a Row in Hong Kong
Unemployment and underemployment rates rapidly declined 8 times in a row from May 2022, and there was a surge in the demand for frontline workers. Catering, for instance, had a 230% jump in job openings between March to December 2022.
Links International’s 2023 Asia Pacific Salary Guide can be downloaded for free here!
As Asia’s leading HR service provider, Links International’s vision is to continue providing clients with their award-winning payroll services and best in class HR tech experience. Voted Asia’s Best HR Outsourcing Partner for consecutive years, our team of 200+ Asia HR Experts provide in-country support from 19 locations across Asia, delivering local market expert HR advice including best industry practices and practical solutions to Asia’s leading businesses.
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