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4th Quarter Newsletter 2018
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SALARY OVERVIEW
Hong Kong - China - Singapore - Thailand
Hong Kong
Key strategies for improving employee retention
China
Rising minimum wage in China
Singapore
5 industries of the future for Singapore
Thailand
Kingdom's competitiveness on the rise
CHINA
Rising minimum wage in China
Beijing’s Human Resources and Social Security Bureau announced that the city has increased its minimum wage, effective 1 September 2018.
Beijing has increased the monthly minimum wage from RMB 2,000 (US$ 300.57) to RMB 2,120 (US$ 318.60), and the hourly minimum wage from RMB 22 (US$ 3.31) to RMB 24 (US$ 3.61).
The wage hike of RMB 120 (US$ 18.03) per month is similar to last year’s increase, when the city raised minimum wages by RMB 110 (US$ 16.53) per month.
Given the cost of living in Beijing and the nature of its economy, most workers in the city are paid according to market rates rather than minimum wages.
Beijing is increasingly becoming a post-industrial economy, with services constituting over 80 percent of its GDP in 2017.
After the minimum wage adjustment went into force, Beijing now has the third highest minimum wage in the country. Currently, Shanghai holds the highest minimum wage rate, at RMB 2,420 (US$ 363.69) per month, followed by Shenzhen, at RMB 2,200 (US$ 330.63) per month. Both cities increased their minimum wage in 2018. Besides having the highest minimum wages, Beijing, Shanghai, and Shenzhen also have the highest average wages in China.
Last year, the Chinese career platform Zhaopin reported that Beijing had an average monthly salary of RMB 9,942 (US$ 1,494.13) – the highest in China – followed by Shanghai at RMB 9,802 (US$ 1,473.09) and Shenzhen at RMB 8,892 (US$ 1,336.33).
In addition to Beijing, Shanghai, and Shenzhen, other regions that have increased their minimum wages this year include: Guangdong, Guangxi, Jiangxi, Liaoning, Shandong, Sichuan, Tibet, Yunnan, and Xinjiang.
Source: China Daily
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Updated Individual Income Tax (ITT) law
As the cost of living in China has rapidly increased over the last years the government has decided to implement a new ITT law, aimed at lowering the tax burden for low-income earners. At the same time, both foreign workers and high-income earners might be negatively impacted due to the newly introduced definitions of “resident” and “non-resident”. Individuals who have resided in Mainland China for 183 days or more within a calendar year are considered China tax residents and therefore subject to ITT on their worldwide income.
Under the new ITT law the standard deduction will be raised to RMB 60,000 a year, applicable to both resident and non-resident tax payers.
Furthermore, the new law provides a new category of ‘special additional deductions’, meaning resident tax payers will be able to deduct education expenses for children, expenses for further self-education, healthcare costs for serious illness, housing loan interest, housing rent and support for elderly from their comprehensive income.
Next to that, donations not exceeding 30% of income to charitable causes can now be deducted from taxable income.
As aforementioned, low-income earners will especially benefit from the new ITT law with lower tax brackets being widened from 3% ITT on RMB <1,500 to RMB <3,000; 10% ITT on RMB 1,500-4,500 to RMB 3,000-12,000; and 20% ITT on RMB 4,500-9,000 to RMB 12,000-25,000.
Source: www.npc.gov.cn
Top 5 Candidates in China
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APAC Regional Leader (Medical Devices)
Nationality: Chinese Availability: One month's notice
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Skills:
- 17 years working experience (including 11 in BD and Sales and Marketing management with MNC in medical industry)
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For more information about this candidate, please contact
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HR Director (Gaming)
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For more information about this candidate, please contact mick.mcgeehan@jmgemini.com.
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Head of Legal and Compliance (Banking and Financial)
Nationality: Taiwanese Availability: One month's notice
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Head of e-Commerce (FMCG)
Nationality: Taiwanese Availability: One month's notice
Based: Shanghai
Languages: Mandarin and English
Skills:
- More than 10 years of project management experience in CRM implementation and enhancement, database marketing strategies, website architecture design, and system solutions consulting
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- Organized website structure, business model and marketing campaign including social media marketing, SEO, and SEM
For more information about this candidate, please contact mick.mcgeehan@jmgemini.com.
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Senior Consultant/Interim Manager (Manufacturing)
Nationality: Taiwanese Availability: One month's notice
Based: Shanghai
Languages: Mandarin and English
Skills:
- Setup quality system and trained factory employees for a garden lamps manufacturer, resulted in no customer complaints
- Setup up problem-solving systems allowing end-user requirements to properly channel to programmers, thereby saved time in APP development
- Identified suppliers of Chinese CRRC metro train handles, for an India coach assembly factory
- Led team to attend convention in the U.S., for a client in the conformity assessment industry, in order to promote inspection services and to develop businesses
- Re-organized the technical team and sales team for the client’s Shenzhen branch office
For more information about this candidate, please contact mick.mcgeehan@jmgemini.com.
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