Report: Wages on the rise

Labor shortages

Around 75 percent of respondents expect wages to increase by as much as 10 percent this year, similar to 2012.

However, wage pressures have clearly increased over the past 12 months. The latest survey showed a significant decline in those expecting no wage hikes this year and an increase in those expecting increases of more than 10 percent.

Average expectations are for a 9.2 percent increase for 2013, versus 7.6 percent in 2012. With official consumer price index inflation expected to rise to 4 percent in 2013, according to a Standard Chartered forecast, from 2.6 percent last year, real wages should rise at about the same pace. Of 302 respondents, 180 (60 percent) said they have already raised wages this year, by an average of 7.9 percent.

Only 36 respondents (12 percent) find it less difficult to find workers now than at this time last year. A total of 34 percent of respondents believe labor shortages have worsened since 2011, similar to last year's 35 percent

"Both results support our long-held view that there were no material job losses during last year's slowdown," said Green.

As the survey shows, 83 percent of surveyed companies are operating at 80 percent or more of their full workforce.