Jan 2010 Issue:Salaries Go Back To Pre-Crisis Levels

 

A survey of thirty-four real estate companies and funds showed that the expected increase in base salary of staff in 2010 is on average 1.7 per cent.

Thanks to the improvement in business, at least three major companies - Knight Frank, Jones Lang LaSalle (JLL) and DTZ - are restoring salaries to levels before they were cut earlier in the year.

Knight Frank and JLL will also reimbursed the salary losses incurred by staff due to the cuts.

Colliers International is getting rid of a salary deferral scheme from next month for most employees.

The scheme, which started on Jan 1, 2009, saw deferral of salaries by between 5 and 20 per cent each month, with the deferred compensation paid back to staff at the end of each quarter depending on the performance of the business unit as well as company for the quarter.

'In addition to doing away with the salary deferral scheme from Jan 1, 2010, salary increments will also be given selectively based on individual staff's performance,' a Colliers International spokeswoman said.

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