Good news for Indian workforce: Employees likely to get 15-30 percent pay hike in 2023, says report

The Indian workforce can most likely expect good news when it comes to their salaries this year, as a new financial report has claimed that Indian employees are likely to see an increase in pay in 2023 which can range from 15 to 30 percent.

News agency Bloomberg quoted a financial report by firm Korn Ferry, which has said that Indian employees can see a pay hike in the range of 15 to 30 percent in 2023, which is expected to be the highest such increase in pay across all the Asian countries.

As per a survey conducted by financial firm Korn Ferry, Indian employees can see a major hike in salary, with the top talent earning as much as 15-30% more than their existing salaries. This can be a significant pay bump for the entire workforce, as per the report.

The workforce pay in India is expected to rise by 9.8 percent on average this year, according to the report published by the firm. High-tech industries, life sciences, and healthcare lead the pack with jumps of more than 10%, it said.

With India being one of the fastest growing economies in the world, this could prove to be a major stepping stone for the employees in the country towards competitive pay, as compared with other Western countries.

Millions of people enter the Indian workforce every year, with lack of education and unemployment being major issues in the country. The pay hike for top performers and the general workforce is expected to take the Indian economy to another level.

As per the findings of the report, the 9.8% rise for India compares with 3.5% in Australia, 5.5% China, 3.6% Hong Kong, 7% Indonesia, 4.5% Korea, 5% Malaysia, 3.8% New Zealand, 5.5% Philippines, 4% Singapore, 5% Thailand, 8% Vietnam.

READ | What is Work From Home Allowance, expected to give big relief to WFH employees after Budget 2023?