Employees in India can feel optimistic about growth with the momentum expected to continue into 2023 with an expected double-digit hike in salaries.
The Indian corporate sector has had a good recovery with the decline of the Covid-19 pandemic and the positive outlook is set to continue into the new year. Employees in India can feel optimistic about growth with the momentum expected to continue into 2023 with an expected double-digit increase in salaries.
Earlier in February this year, a 9.9 percent increase in salaries in India was projected. However, Indian employees saw a higher hike rate at 10.6 percent in 2022, the latest Salary Increase Survey in India by Aon found out. Employees can now expect similar good fortune in the coming year as the Survey expects salaries in India in 2023 to increase by 10.4 percent in 2023.
The survey by Aon is based on data collected from a group comprising 1,300 firms across over 40 industries in the country. As per other findings, the rate of attrition remained high at 20.3 percent. Nonetheless, the attrition did come down a bit from 21 percent in 2021. This has kept up the pressure on salaries with the trend expected to continue for next few months, it was noted.
The salary increases reflect corporate India’s confidence in its strong business performance.
Which sectors will command the highest salary hikes?
In other findings of the survey, technology related sectors make up four out of the top five with the highest projected increase in salaries. However, the same sectors are highest in volatility and likely to be impacted by the global economic uncertainty at the moment.
Out of these, e-commerce is at the top with an expected salary increase of 12.8 percent. Startup sector comes in close behind with a projected 12.7 percent hike while hi-tech/ IT and IT-enabled services are expected to see an 11.3 percent hike. Financial sector will likely see hikes of 10.7 percent in salaries.
READ | TCS, Wipro and other IT firms are increasing salary hikes by up to 120%, know why
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