Good News For Private Sector Employees: 10% Salary Hike With Perks Expected in 2024

10% Salary Hike With Perks Expected in 2024 - As per the survey by the TRS, the average salary hike in 2023 stood at 9.5 per cent, demonstrating a consistent rise in salary.

New Delhi: Here comes a piece of good news for the private sector employees. They are likely to receive 10% salary hike this year. The crucial firms that are projected to provide an average salary increase of 10 per cent this year include automobile, manufacturing, and engineering sectors.

Salary Hike Expected in These Sectors

A recent research conducted by consultancy firm Mercer stated that various companies in certain sectors in India are poised to implement an average salary increase of 10 per cent this year. The survey, known as the Total Remuneration Survey (TRS), highlighted the anticipated trend in salary increments with special focus on the automobile, manufacturing, and engineering sectors.

As per the survey by the TRS, the average salary hike in 2023 stood at 9.5 per cent, demonstrating a consistent rise in salary.

Survey Conducted On 21 Lakh Employees (By Mercer)

Notably, this survey has collected data from 1,474 companies between May and August 2023, and covered over 6,000 job roles, representing more than 21 lakh employees across various industries.

Various factors that were taken into consideration for the survey include individual performance, organisation performance, and position in the salary range were identified as the top three determinants for increments.

Salary Hike Expected 10% in 2024

The survey further projected that the median merit salary increments for 2024 are expected to reach 10 per cent, building upon the previous year’s increase. The recent survey also pointed out a gradual increase in voluntary attrition rates in India, rising from 12.1 per cent in 2021 to 13.5 per cent in 2022.

Talking about the survey, Mansee Singhal, Rewards Consulting Leader for Mercer in India, said the projected salary increments reflect confidence and optimism in the Indian market. He also attributed this positive outlook to robust economic indicators and a thriving business landscape.

Bank Employees Expected to Get Salary Hike and 5-Day Work Week

In another development, the bank employees are also expected to get salary hike and 5-day work week as the United Forum of Bank Unions has written a letter to Finance Minister Nirmala Sitharaman to allow a 5-day workweek for the banking sector. This was a long-standing demand of bank employees to have 5-day workweek. Media reports suggest that the bank employees are likely to get 5 working days in a week, subject to the finance ministry approval, and a salary hike in June 2024.

An ET report said the bank employee union also assured that there will be no reduction in banking hours for customers or in the total working hours for employees and officers. The union has urged the finance minister to review the matter favourably and direct the Indian Banks’ Association (IBA) accordingly.