A CICC HR Management Consulting survey predicted compensation at foreign companies in Shanghai will grow by more than 10% in 2008 due to spiraling inflation, China Business News reported. It will be the first time multinationals in the city have given employees a double-digit raise in one year. Wage growth has been around 8% over the past four years, growing 8.9% last year. The survey also revealed senior engineers with more than 10 years of experience will receive a 13.5% raise and their income gap with rookies will be widened from 350% to 500%. An average senior manager will receive US$88,117 (RMB601,000) a year, compared to US$33,869 (RMB231,000) for an average medium-level manager. Over 27% of respondents who had resigned from a job said their decision was primarily because of money. Previously, more than 40% of people who had resigned from firms blamed a bottleneck in their personal career for their decision. Of the 618 US-funded firms surveyed, 64% were positive about the next five years and only 4% were pessimistic.

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