The emerging markets are leading the way on pay.
India, China and Brazil averaged the highest total salary budget increases for 2014, according to preliminary data released from nonprofit human resources association WorldatWork.
India averaged a salary budget increase of 10.5 percent, while China and Brazil averaged increases of 8.2 percent and 7.2 percent, respecitvely, according to WorldatWork data.
The three countries have retained the largest increases since WorldatWork expanded its data collection to include countries outside of the Unites States in 2012, the nonprofit said in a press release. The three countries are projecting similar salary increases to start 2015, according to WorldatWork.
"Differences in planned pay increases between surveyed countries reflect the variance in economies and labor markets around the world," said Alison Avalos, research manager for WorldatWork, in the press release. "Countries that reported leading average pay increase budgets are not necessarily leading the market; undeveloped and developing countries, those experiencing a very tight labor market, and/or those subject to mandatory pay increases, for example, will generally report the highest average increases."
Four countries surveyed reported 2014 average total salary budget increases in the 3 percent to 4.5 percent range:
4.4 percent: Mexico
4.3 percent: Singapore
3.7 percent: Australia
3 percent: Canada, Germany, United Kingdom, United States
The remaining surveyed countries were all below 3.0 percent:
2.9 percent: Netherlands
2.8 percent: Italy
2.7 percent: France
2.6 percent: Belgium
2.5 percent: Japan
2.4 percent: Spain
2.3 percent: Switzerland