MNC payrolls projected to grow 8% in 2008

ECA International, a global human resources consultancy, forecast payrolls at multinational corporations in mainland China would grow 8% this year, higher than the 7.3% growth it predicts for Asia and the 5.9% it predicts for global payroll growth, the China Securities Journal reported. ECA’s survey collected information from multinational corporations about actual payroll growth in 2007 to predict 2008 growth. Lee Quane, ECA’s regional manager in Hong Kong, said payroll growth in China will be fuelled by enthusiastic foreign investment and the 2008 Beijing Olympics Games. He expected payrolls in Hong Kong to grow just 4% this year despite a labor force shortage.