ECONOMY

Salaries to grow 2.1 pct in 2015

While most economists are anticipating the Greek economy’s official return to growth with the release of third-quarter data on Friday, salaries are showing an average rise of 1.9 percent this year with an expected increase of 2.1 percent in 2015, according to Aon Hewitt’s annual survey on salary growth.

The survey, conducted across 120 countries, saw the participation of more than 80 local companies active in the economy’s most important production sectors.

It showed that without any significant changes in their position, employees can expect a 2.1 percent raise next year.

According to the survey that will be the case despite the fact that most enterprises remain hesitant about adding to their fixed expenditure and are increasingly turning toward alternative forms of salaries and bonuses.

The average increase recorded in this year’s salaries came to 1.9 percent, Aon Hewitt data showed, with the biggest rise recorded in the services sector (up 2.2 percent).

Industry followed with 2.1 percent growth, with prospects for a further increase in 2015.

A significant share of respondents said that the precautionary measures being taken to reduce risks for enterprises in today’s uncertain market do not really concern salary policy (with the trend of flexible employment growing), as 82 percent of the surveyed companies said they do not expect any reductions in salaries in 2015.

Their optimism is strengthened further by the fact that a remarkable 81 percent of enterprises have already proceeded to hirings, with 63 percent of those surveyed saying that the salaries of those to be hired will exceed the minimum wage level in 2015.

“The future appears quite positive, as companies are now overcoming a difficult juncture, resulting in employees too expecting a better salary environment,” said Aon Hewitt’s salary consultant in Greece, Nikolaos Baloutsos.