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India Inc. likely to roll out 9.8% hike in 2024 vs 10% in 2023: WTW study


Mumbai: Median salary increments in India’s corporate sector are projected to average 9.8% in 2024, marginally lower than the 10% rise in 2023, according to a recent report by global advisory firm WTW. Sectors like financial services, manufacturing , global capability centres, unlike the IT industry, are expanding their headcount and expected to roll out better increments than last year.

“Being an emerging market, salary increases in India continue to be the highest across Asia Pacific (APAC),” according to a report by the global advisory, broking and solutions company. 

For comparison, Vietnam’s increment is expected at 8%, China at 6%, Philippines at 5.7%, and Thailand at 5%. Challenges like tightening labour markets and escalating inflation have impacted workforce budgets.

“Within the IT sector, a noticeable correction is expected with salary increments reducing from approximately 11-12% in the past to a projected 10% for 2024. In contrast, sectors like manufacturing, pharmaceuticals, media, gaming, and global captive centres (GCCs) are expanding and this is evident from their hiring plans and salary allocations for 2024,” said Rajul Mathur, consulting leader, Work and Rewards, WTW India. The study had 708 participants from India.

The IT sector, meanwhile, facing macroeconomic headwinds and a subdued deal environment, is forecast to maintain a 10% salary hike. The WTW survey highlighted a slight drop in positive business revenue outlooks. In Q2 of 2023, 36% of companies anticipated positive revenue growth for the coming year, down from 42% a year ago.

Notably, roles in information technology (61%), engineering (59.8%), sales (42.9%), technical skills trade (38.6%), finance (11.8%), and marketing (10.6%) continue to be in high demand.

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Updated: 01 Nov 2023, 02:11 PM IST

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