India Inc’s average salary hike likely to drop to 9.5% in 2024
Around 56% of companies expect salary hikes between 9-12%, down from 60% last year; 15% see pay increase at 12% in 2024
Around 56% of companies expect salary hikes between 9-12%, down from 60% last year; 15% see pay increase at 12% in 2024
With this, the salary increase in India continues to be the highest across the APAC region.
Some sectors have decreased the forecast to 7-8% in line with the organisation's performance, says Mercer.
The proportion of companies projecting 14%+ increments in 2023 is the highest in the past decade.
Almost 97% of the increase in Salil Parekh's proposed annual remuneration is linked to performance.
Almost all organisations are planning to give increments in 2022, compared with 92% in 2021 and only 60% in 2020.
Despite a tough few months, India continues to project the highest salary increases among the BRIC nations in 2022.
Aon’s Tzeitel Fernandes talks about whether the economic slowdown will have an impact on pay hikes this year, is there a gender pay gap in salary appraisals, and more.
Aon’s Navneet Rattan talks about pay hikes across industries like manufacturing, services, startups, and auto.
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