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Companies to dole out 10% average salary hike this year, says survey

In 2023, the average salary hike was 9.5 per cent, according to consultancy firm Mercer s Total Remuneration Survey (TRS) released on Tuesday.

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Employees In India Likely To Get 9 5% Average Salary Hike This Year

Employees In India Likely To Get 9 5% Average Salary Hike This Year
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Salary hikes likely to remain flat this year

Engineering firms and non-banking financing companies (NBFCs) are likely to give hikes of over 10%, according to Aon. This set is followed by automobiles, financial institutions, fast-moving consumer goods (FMCG), tech platforms & products, professional services and global capability centres (GCCs), where increases are seen in the 9.5-9.9% range. Key sectors that see increases slowing include ecommerce (to 9.2% from 9.6%), retail (8.4% from 9.2%), startups (8.5% from 9%), and tech consulting & services (8.2% to 9.1%).

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How much salary hike can Indians expect this year? See what report shows

The survey by global advisory, broking and solutions company WTW was conducted in the fourth quarter of 2022 and more than 700 companies in India had participated in it.

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Salaries in India Likely to go up by 10 3% in 2023

At 21.4 percent, the attrition rate in India for 2022 remained high a consequence of an ever-changing talent strategy and the ongoing gap between the supply and demand of talent.

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