Pay rise predictions for 2013

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Advisers and other members of the finance industry are expected to receive higher than average pay rises next year, according to survey results produced by consulting firm Aon Hewitt.

The average Australian employee will receive a salary increase of 4.2% in 2013, which is higher than CPI - but less than the 4.6% increase that was predicted for 2012.

Banking and finance workers, however are expected to see an average 4.4% pay increase next year, putting them ahead of IT professionals (4.2%), communications/entertainment workers (4.3%) and those in the consumer products industry (3.8%).

According to the survey, companies will rely more on bonuses in 2013 to recognise high performers, with 43.8% of employers planning to review bonus criteria.

Workplace hierarchy will play a significant role in determining pay rises next year, with top executives, senior and middle managers expected to receive an average pay increase of 4.2%, junior managers and administrative staff to get 4.1% and manual staff to get 4.0%

If a 4.2% increase isn’t enough for you, however, you may want to consider a switch to energy production. Those employed by the power and gas industry can look forward to an average 6% increase in pay in 2013.