This month’s We will look at Chinas’ effort At the National Financial Work Conference, Chinas’s leaders are finding a path to mend the fractured property sector so more opportunities will be created. It is to strengthen the president Xi to controls RRC $61 trillion financial sector. The challenges is heavily lies on sustainability, balanced growth while on the other unwinding cutting massive debt from various stakeholder such real estate developers, local governments and regional banks.
Even though the economic growth close hits the milestone of 5%, but IMF declares that local governments debts has risen to atrocious level to nearly 150% of country’s GDP. Since China ended its stringent anti virus control last year, it impacts on jobless rate topped 20% earlier this year and has bounce back trough retail sales and other sectors.
Fresh Air in 2024
Next year the economy saw a promising leap as the inflation is cooling down. Potential for the federal reserve to avoid further interest rate hikes. Stock market could see some positive implications in 2024 and it affects a job seeker to have optimism. A strong economy and job market leads to increased wage growth. As companies compete to find great talent, they could afford more incentives that attract more employees.
- The newest Mercer survey has 2024 pay increases targeted at 3.9% down from expectations from 4.1% in 2023. It is higher than most recent years, does not meet the employees expectation due to inflation
- Labor Cost may rise significantly in 2024. The U.S Department of Labor announced that from January, the Federal Contractor minimum wage will increase to $17.20 per hour.
- The Social security administration informed on October 12th that benefits would rise 3.2% in 2024. This is much lower than 2022 (5.9%), and 2023 (8.7%)
- The 2024 wage cap was also announced for Social Security, and it will increase approximately 5% to $168,600.