Salary Hike: This year is going to be the best in the last five years for the salaried person in terms of salary increase. This year, domestic companies can increase the wages of their employees by up to 9.9 per cent, which is the highest since the increase of 10.2 per cent in 2016.
new Delhi. This year ( Record Salary Hike in 2022 ) is going to be the best in the last five years for the salaried person in terms of salary increase . This year, domestic companies can increase the salary of their employees by up to 9.9 percent, which is the highest after 10.2 percent increase in 2016. Last year i.e. in 2021, there was an increase of 9.3 percent in the salary of the employees.
Global professional services firm Aon said in its 26th wage growth survey that the highest salary increase in BRICS ( BRICS ), a group of five countries comprising Brazil, Russia, India, China and South Africa, is expected to increase this year in India itself. This year the salary of employees is estimated to increase by 5 percent in Brazil, 6.1 percent in Russia and 6 percent in China. The survey report is based on analysis of data from 1,500 companies from over 40 industries.
Salary increased in unit points after 2016
2016 10.2 percent
2017 9.3%
2018 9.5%
2019 9.3%
2020 6.1%
2021 9.3 percent
Which sector will see the biggest growth?
The e-commerce sector is expected to see the highest salary increase of 12.4 per cent this year. Hi-tech / information technology (IT sector) can grow by 11.6 per cent and professional services (service sector) by 10.9 per cent. IT enabled services are expected to grow by 10.7 per cent, metals and mining at 8.3 per cent, restaurants at 8.5 per cent and cement at 8.6 per cent.
Why will there be an increase in the salary of the employees?
According to the survey, due to the strong improvement in the financial position of the companies and positive business sentiment, the companies are going to make a record salary increase this year. Companies are planning to invest in new age capabilities to build a combative workforce. The job loss rate has increased rapidly during the pandemic. That’s why companies are also resorting to salary hike to stop their energetic and efficient employees.
Job abandonment rate highest in 2 decades
The report said that in 2021, the job loss rate of employees was 21 percent, which is the highest in two decades. In 2020, this rate was 12.8 percent. Nitin Sethi, CEO & Partner, Aon Human Capital Solutions, said that the wage hike is like a double-edged sword for companies considering the rate of employee leaving the job. At the same time, this is good news for the employees in the turbulent times.
