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November 30, 2016updated 04 Apr 2017 1:20pm

Banking salary rise in Asia Pacific to slow in 2017; pay for tech roles to hold steady

Salary increases in the banking sector is expected to be well below those in the technology sector, and also below those of the financial services sector as a whole in 2017, according to a study by Willis Towers Watson.

By Verdict Staff

Salary increases in the banking sector is expected to be well below those in the technology sector, and also below those of the financial services sector as a whole in 2017, according to a study by Willis Towers Watson.

Findings from the 2016 Asia Pacific Salary Budget Planning Report revealed that salaries in the banking sector in Asia Pacific are set to grow by 4.8% in 2017, which is the second slowest rate of salary growth among industry sectors in the survey.

Banking salaries in China, Hong Kong and Singapore are expected to grow by 6.3%, 3.6% and 3.0%, respectively in the coming year.

For digital roles, salaries in China are projected to grow by 7.5%. In case of both Hong Kong and Singapore the projected growth rate for technology salaries is 4%. 

Willis Towers Watson data services practice leader of Asia Pacific Sambhav Rakyan said: "What the data is telling us is that, amid a general slowdown in the banking sector and more broadly across the financial services sector, salaries for digital roles within the financial sector are holding steady.

"It doesn't mean tech talent will necessarily get more in a monetary sense, but it does in percentage terms."

The study believed that the salary growth in the technology sector is due to a shortage of tech talent in the financial industry that is helping salary budgets for talent in digital roles hold firm amid broader weakness across other industries.

Willis Towers Watson global financial services practice Asia Pacific head Greg Kuczaj said: "There is continued attraction and retention pressure from non-financial services firms, such as those in high tech or fintech, as the pay premium in financial services has decreased to where it is no longer a major attraction."

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