Indian Companies Likely To See 10% Salary Hike In 2023 Due To Tight Labour Market, Inflation: Report
Salary Hike 2023 in India Latest Update: Various Indian companies are planning an overall hike of 10 per cent for 2022-23 as compared with the actual 9.5 per cent growth last year, Willis Towers Watson's Salary Budget Planning report claimed.
7th Pay Commission: Reports from multiple sources suggest that the government employees will get the 18-month DA arrears in three installments.
New Delhi: Several companies running operations in India are expected to witness a salary hike of 10 per cent in 2023. This will happen primarily due to the continuation of the tight labour market and rising inflation concerns, a report by global advisory firm WTW claimed on Tuesday.
Various Indian companies are planning an overall hike of 10 per cent for 2022-23 as compared with the actual 9.5 per cent growth last year, Willis Towers Watson's Salary Budget Planning report claimed.
It must be noted that nearly half (58 per cent) of the employers in India have budgeted for higher salary increases for the ongoing financial year compared to last year, while a quarter of them (24.4 per cent) made no change in the budget.
The hike in salary may translate into a 9.8 per cent increase with financial services, banking, technology, media and gaming companies expected to offer the highest increments.
In this situation, only 5.4 per cent of companies have reduced the budget as compared to 2021-22, and at 10 per cent, salary increases in India continue to be the highest in the Asia-Pacific (APAC) region.
In the Asian continent, China may witness a jump of 6 per cent in salaries, Hong Kong at 4 per cent and Singapore at 4 per cent for next year, the report claimed.
The report , based on a survey across conducted 168 countries in April and May 2022 including 590 organisations in India, said around 42 per cent of companies in India have also projected a positive business revenue outlook for the next 12 months, while only 7.2 per cent have projected a negative outlook.
Among others, the engineering sector might witness a hike of 52.9 per cent in salary, information technology (65.5 per cent), sales (35.4 per cent), technically skilled trades (32.5 per cent) and finance (17.5 per cent) in the next 12 months.
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