Salary increment: Data of 1,414 companies from about 45 industries has been analyzed. According to this, there is a possibility of highest salary increase in financial institutions, engineering, automotive and life sciences.
This year, employees in the country may get slightly less increment as compared to last year. This has come to light in a survey by global professional services company Aon PLC. This year, the salary of the employees is expected to increase by 9.5%. This is slightly less than the real salary increment of 9.7 percent for 2023.
Aon PLC’s annual survey analyzed data from 1,414 companies across 45 industries. According to this, financial institutions, engineering, automotive and life sciences are likely to offer the highest salary hike, while retail and IT services are expected to offer the lowest salary hike.
How much growth is expected in which sector: In the tech pack, product companies can give an increase of 9.5%, while service is expected to increase by 8.2%. Even startups can pay better than legacy IT service firms. Aon estimates they will deliver an average increase of 8.5% in 2023, compared to 9% previously. Multinational companies can give an increase of 9.8%. However, the highest increment can be 9.9% in financial institutions.
According to the survey, after the high salary increase in the year 2022, the salary increase in India has stabilized at single digit i.e. less than 10 percent. At the same time, the attrition rate fell from 21.4 percent in 2022 to 18.7 percent in 2023. Rupank Chaudhary, Chief Commercial Officer, Aon, India, said the projected increase in wages in India’s organized sector signals a strategic adjustment in the face of the evolving economic scenario.
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