Salary rises expected to be even higher in 2023 versus 2022

Meanwhile, in Australia, one employer is working on bringing up wage levels for some of its lowest paid workers.

National Australia Bank (NAB) is offering enhanced pay of five per cent, and it is offering one extra week’s leave for employees earning less than $100,000 per year, in a deal that NAB hopes will be agreed with the Finance Sector Union.

NAB’s head of people and culture, Susan Ferrier, says in an email “we believe this is the right combination for colleagues and the future of the organization.”

As well “engineering companies are resorting to ad hoc pay increases and share-based retention plans to keep staff as the skills crisis deepens, with bosses also securing big pay rises,” according to the Australian Financial Review.

Gender gap remains

While many of these employees in various sectors will be enjoying new and improved pay packages in the coming year, for women, the gap between what they make versus men remains stubbornly persistent, found a recent study.