Majority of Philippine firms are looking to reward employees with a pay hike this year, counting on a fragile economic rebound to restore operations and swing back to profits.
Such were the findings of a survey of global advisory firm Willis Towers Watson, which also showed domestic firms willing to grant an average of 5.6% increase in annual salaries to their workers. This was slightly down from 5.7% last year when the pandemic upended the business climate.
Patrick Marquina, head of talent and rewards, at the local WTW office, shared, “After a difficult year for employers and employees— battling lockdowns, employee safety issues, working from home and declining revenues— many employers are finding ways to handle the crisis better.”
But employers are rejecting any pleas for a minimum wage hike, a position supported by the government over fears smaller companies would not be able to afford them and just shut down.