The actual wage increase for the financial year 2021-22 was 9.5 per cent. This time the highest salary increase can be seen in jobs related to financial services. 58 percent of employers have increased their salary hike budget.
New Delhi. In India, the salary of employees next year may increase better than this time. According to a report, companies can increase salaries by 10 percent in 2023. The salary budget plan report by Willis Towers Watson (WTW), a global consulting, broking and resolution services provider, found that companies in India are budgeting for a 10 per cent wage hike during 2022-23.
Let us tell you that the actual salary increase of the last financial year was 9.5 percent. According to the report, more than half (58 percent) of employers in India have budgeted for higher wage hikes for the current financial year than last year. However, a quarter (24.4 per cent) of these did not make any changes in the budget. The report said that compared to 2021-22, only 5.4 percent have reduced the budget.
India will have highest salary increase
According to the report, the highest salary increase in the Asia Pacific (APAC) region will be in India. Next year salaries will increase by six percent in China, four percent in Hong Kong and Singapore. This report is based on a survey conducted in 168 countries in April and May 2022. For this, 590 companies have been talked to in India.
Next 12 months better for business
According to the report, about 42 percent of the companies in India have projected a positive business revenue outlook during the next 12 months. Whereas only 7.2 percent have spoken of a negative outlook. According to the report, salary growth of 52.9 per cent in engineering sector, 65.5 per cent in IT, 35.4 per cent in sales, 32.5 per cent in tech-skilled sector and 17.5 per cent in finance may see business revenue growth.
In which field will the highest salary increase?
According to the report, financial services (10.4 per cent), banking and technology (10.2 per cent) and media and gaming sectors (10 per cent) will see the highest wage growth. Rajul Mathur, a WTW official, says a similar salary hike was witnessed in 2022 and is expected to continue in 2023. He said that the emphasis on technology-led development has increased the demand for digital skills and this is leading to increase in income. It has been said in this report that the rate of automatic quitting of employees in India is 15.1 percent. It is the highest in the Asia-Pacific region after Hong Kong.
