Indian companies might offer the highest salary hikes in the Asia Pacific next year
- IBEF
- November 3, 2023
According to WTW's Salary Budget Planning Report, Indian companies anticipate raising employee salaries by 9.8% in 2024, which is about the same as the 10% increase in 2023. This makes India the nation with the biggest salary hikes in the Asia Pacific. Tighter labour markets and growing inflation were mentioned in the research as some of the main issues influencing employers' plans to raise salaries in the upcoming year.
Nonetheless, the survey revealed that while a quarter of companies boosted their budgets over the forecasts they set in December 2022, more than half of companies increased their wage budgets this year compared to 2022.
In terms of salary increases, the industries most anticipated to experience a 10% increase in 2024 are technology, media and gaming, financial services, and retail.
According to Mr. Rajul Mathur, Consulting Leader of Work and Rewards at WTW India, “Companies in the banking, financial services and insurance (BFSI) sector (10% vs 9.8%), retail (10% vs 9.9%) and captives (9.9% vs 9.8%) have projected marginally higher increases for 2024 as compared to the actual salary increase in 2023 due to the continued demand for talent."
In April and May of 2023, the Salary Budget Planning Report was carried out with approximately 32,512 sets of responses from companies located in 150 countries.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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