Southeast Asia Salaries to Rise in 2025, with Singapore and Thailand Trailing

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Salaries across Southeast Asia are projected to see greater increases in 2025 compared to 2024, according to a report by professional services firm Aon. Conducted from July to September 2024, the study analyzed data from over 950 companies in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

The report highlighted that talent attraction and retention has become a critical challenge for organizations in the Asia-Pacific, rising from the ninth most significant risk in 2021 to the fourth in 2023, as per Aon’s Global Risk Management Survey.

“The anticipated salary hikes for 2025 remain higher than in 2024, even with expectations of a softer inflationary and interest rate environment,” said Rahul Chawla, Aon’s head of talent solutions for Southeast Asia. This trend underscores a mismatch between talent supply and demand that transcends inflationary pressures.

Several factors, including high demand for skilled talent, are driving the salary increases. For example, Southeast Asia has become a hotspot for technology companies establishing operations, particularly in Singapore. This influx of capital fuels the demand for skilled professionals to support growth.

Emerging skill sets, such as prompt engineering related to AI technologies like ChatGPT, are also reshaping the talent landscape. “These are skills that barely existed two years ago but are now in high demand,” noted Cheng Wan Hua, Aon’s director of talent analytics for Southeast Asia.

Projected Salary Increases by Country

  • Vietnam: From 6.4% in 2024 to 6.7% in 2025.
  • Indonesia: From 5.7% in 2024 to 6.3% in 2025.
  • Philippines: From 5.4% in 2024 to 5.8% in 2025.
  • Malaysia: Remaining steady at 5%.
  • Thailand: Increasing from 4.4% in 2024 to 4.7% in 2025.
  • Singapore: From 4.2% in 2024 to 4.4% in 2025.

Industry Trends
The technology and manufacturing sectors are forecasted to experience the highest average salary bumps at 5.8%. Other sectors, such as retail and life sciences, anticipate increases of around 5.4%. On the lower end, industries like energy, financial services, and transportation are projected to see more modest rises of 4.9%, 4.8%, and 4.1%, respectively.

Singapore and Thailand Lagging Behind

Both Singapore and Thailand are expected to see smaller increases compared to the regional average. Singapore’s status as a developed market, with lower inflation and slower GDP growth, contributes to its restrained wage growth, Chawla explained. Thailand faces slower economic growth and limited mobility of its talent pool due to language and deployment barriers, which constrain salary adjustments within the local market.

This regional trend reflects a shifting focus on competitive compensation as businesses strive to address the pressing challenge of talent acquisition and retention.

 

Macron Praises Artisans for Notre-Dame Cathedral Restoration Ahead of Reopening

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French President Emmanuel Macron commended the over 1,000 craftspeople who contributed to the restoration of Notre-Dame Cathedral, calling it “the project of the century.” The historic cathedral, a beloved Parisian landmark, is set to reopen next week, over five years after a devastating fire in April 2019 ravaged its structure.

Speaking at a ceremony on Friday, Macron addressed an audience of artisans, firefighters, donors, and other contributors, including members of the renowned Compagnons du Devoir, an elite guild of France’s top artisans. “The burning of Notre-Dame was a national wound, and you were its remedy,” Macron stated. His gratitude culminated in an enthusiastic round of applause from the attendees.

The meticulous reconstruction restored the cathedral’s iconic spire, rib vaulting, flying buttresses, stained-glass windows, and ornate gargoyles. The building now gleams with a renewed brilliance, its white stone and gold accents more vibrant than before.

The restoration is a stark contrast to the catastrophic scenes of April 15, 2019, when the cathedral’s roof and spire collapsed in a massive blaze that nearly consumed its bell towers. Macron toured the renewed nave alongside his wife Brigitte, Paris Mayor Anne Hidalgo, and senior officials, describing the experience as “overwhelming.”

Exceptional Achievement
Stone-carver Samir Abbas, one of the many workers involved, expressed relief at the project’s timely completion, calling it “an exceptional renovation project.”

The cathedral will host an opening ceremony on December 7, featuring high-profile guests, including possibly U.S. First Lady Jill Biden, although Donald Trump’s attendance remains unconfirmed. Celebratory Masses will follow, honoring those who contributed to the restoration.

Global donations exceeded €840 million ($882 million), leaving additional funds available for future investments in the cathedral. Paris Archbishop Laurent Ulrich celebrated the achievement, stating, “Hundreds of thousands of people committed to what seemed like an impossible bet: to restore the cathedral within five years.”

With the reopening, Notre-Dame is expected to welcome up to 15 million visitors annually. Local residents shared their excitement. Architect Sebastien Truchot called the restoration “amazing,” while bookseller Albert Abid described it as a long-awaited “relief.”

 

JPMorgan Drops Lawsuit Against Tesla Over Stock Warrants

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JPMorgan Chase and Tesla have agreed to settle their dispute over a 2014 stock warrants contract, ending a lawsuit that had been ongoing since 2021. In a joint filing submitted to a Manhattan court on Friday, both companies stated they would drop their claims against each other.

The terms of the settlement were not disclosed, and neither company responded to media requests for comment. Bloomberg News first reported the settlement.

The legal battle stemmed from a 2014 agreement in which Tesla sold stock warrants to JPMorgan. Warrants give holders the right to purchase stock at a set price and date. JPMorgan claimed the value of the warrants was significantly impacted by a controversial 2018 tweet from Tesla CEO Elon Musk, where he stated his intention to take Tesla private at $420 per share, adding that he had “funding secured.” Musk later abandoned the plan, causing Tesla’s stock price to fluctuate widely.

JPMorgan argued that it was contractually obligated to adjust the warrants’ strike price to reflect the stock price volatility caused by Musk’s tweet and its aftermath. The bank claimed this adjustment led to Tesla owing $162.2 million, which the automaker did not pay.

Tesla countersued in January 2023, accusing JPMorgan of trying to exploit the situation for financial gain by demanding an unwarranted payout.

The dispute highlights the broader implications of Musk’s social media activity, which has led to regulatory scrutiny. Following the 2018 tweet, Musk reached an agreement with the U.S. Securities and Exchange Commission (SEC) to have certain tweets pre-approved by a Tesla lawyer.

The settlement ends one of the lingering legal battles between Tesla and its corporate partners, closing a chapter in the companies’ tumultuous relationship.