According to a report by Aon PLC, salaries in India are predicted to climb by a more-than-pleasant 10.4% in 2023 compared to a current annual rise of 10.6%.
According to the Hindustan Times’ business website Livemint, at the moment, India is the only nation that has had the largest pay growth this year, at 10.6%, which is higher than China (6%), Brazil (5.6%), the United States (4.5%), the United Kingdom (4%), Germany (3.5%), and Japan (3%).
Prior to the Covid epidemic, India reported a single-digit pay increase at 9.3% in 2019. In the pandemic era, It dropped to 6.1 per cent in 2020 but rose to 9.3 per cent last year.
The industry with the highest anticipated salary growth is e-commerce, at 12.8%. Following closely behind with 12.7% are startups, IT-enabled services, with 11.3%, and financial organisations, with an anticipated pay increase of 10.7%.
The report also noted that, at 20.3%, the attrition rate for the first half of 2022 remained high and was only slightly lower than the rate for 2021 (21%). The tendency is anticipated to remain for the foreseeable future, according to the analysis.
Despite “global recessionary headwinds and volatile domestic inflations,” according to the report, India’s salary increases are expected to be in the double digits for the coming year.
The research also recommended that corporate executives make decisions to guarantee that the workforce is resilient now and in the future.