Salaries in India to rise 10% in 2023 which would be the highest in Asia-Pacific: WTW Report
- IBEF
- March 3, 2023
According to global advisory, broking, and solutions company WTW's Salary Budget Planning Survey, salaries in India are predicted to increase by 10% in 2023. Salary growth in India reached 9.8% in 2022. In the upcoming year, India would experience the highest salary increase in the Asia-Pacific (APAC) area, at 10%. On the other hand, China is projected to see a salary hike of 6%, Vietnam at 8%, Indonesia at 7%, Hong Kong at 4%, and Singapore at 4% in 2023.
The biggest salary increases, at 10%, are anticipated in the financial services, tech media and gaming, pharmaceutical and biotechnology, chemicals, and retail industries. On the other hand, salary increases in the business process outsourcing, manufacturing, and manufacturing of durable products are anticipated to be below the industry median.
"Business opportunity and employee retention are currently the primary drivers for salary increases in India. Organisations will need to closely monitor economic indicators and the labour market while being flexible in planning their salary budgets," Mr. Rajul Mathur, Consulting Leader of Work and Rewards at WTW India said.
According to the report, nearly 80% of Indian businesses expect their business revenue to increase over the next 12 months, which suggests that overall business confidence is still strong.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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