(Ecns.cn)--The salary growth rate of 80 percent of the people in Shanghai and Beijing failed to catch up with that of the consumer price index (CPI) this year. Facing the extreme increase of commodity prices, 40 percent of people have had to tighten their belts, according to the Beijing Evening News Monday.
The report was based on a survey of over 8,000 people in Shanghai and Beijing, conducted recently by Zhaopin Ltd. (www.zhaopin.com), one of the most professional human resource (HR) service providers in China.
According to the survey, the consumer expenditures of these people mainly goes to food, property, and education for children, and about 79 percent of the respondents said that the rapid increase of prices has already brought some pressure on their ordinary lives.
Only 31 percent of people got a raise in pay this year, while 69 percent did not get any increase in salary. Facing the changes in consumer prices, 40 percent of people have chosen to tighten their belts and 40% are thinking of changing their jobs for a better salary.
If the salary increase rate in a company cannot keep up with that of the CPI, the company is losing the effective purchasing power of its employees, which is not good for its development, according to an industry insider.
