Firms in India expected to give 10% hike in 2023; highest in APAC: Report
- IBEF
- August 17, 2022
According to a Global advisory, broking and solutions company Willis Towers Watson's Salary Budget Planning report, companies in India are expected to give a 10% salary increase in 2023 as they struggle with rising attrition in a tight labour market. According to the report, more than half (58%) of Indian employers have budgeted for higher salary increases for the current fiscal year compared to last year, while a quarter (24.4%) have made no changes to their budget.
China is expected to grow by 6% next year, Hong Kong by 4%, and Singapore by 4%, according to the report. It also stated that approximately 42% of companies in India have projected a positive business revenue outlook for the next 12 months, while only 7.2% have projected a negative outlook. Furthermore, information technology (65.5%), engineering (52.9%), sales (35.4%), technically skilled trades (32.5%), and finance (17.5%) are expected to be the most sought-after functions for recruitment in the next 12 months.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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