look news india
This year, employees in the country may get slightly less salary increase 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 employees is expected to increase by 9.5 percent. This increase is slightly less than the actual salary increase of 9.7% for 2023.
Aon PLC's annual survey analyzed data from 1,414 companies across 45 industries. This is being said to be the largest and most detailed survey of the country. According to the survey, financial institutions, engineering, automotive and life sciences are likely to offer the highest salary increases, while retail and IT services are predicted to offer the least salary increases.
How much growth is expected in which sector?
Product companies in the tech pack can offer a rise of 9.5% while services are expected to rise by 8.2%. Startups can also pay better than older IT services companies. Aon estimates they will deliver average growth of 8.5% in 2023, compared to 9% previously. Multinational companies can offer a salary increase of 9.8 percent. However, the largest wage increases may be in financial institutions.
According to the survey, salary growth in India is stable at single digit i.e. less than 10% after higher salary hike in the year 2022. On the other hand, the attrition rate has declined from 21.4 percent in 2022 to 18.7 percent in 2023. Rupank Chaudhary, Aon's chief commercial officer in India, said the projected rise in wages in India's organized sector signals a strategic adjustment against the emerging economic scenario.