Double-digit salary increases in 2024 - India
The overall outlook for salary increases in India in 2024 is positive. The average hike is likely to be around 9-9.5%, with pockets of higher growth
Professional services' salary is projected to grow by 10% in 2024, suggesting a rebound as companies invest in strategy alignment to navigate global business complexities. The impact of real estate and infrastructure emerging as a growth sector is also visible, as increments continue to be stable at 10%
Aon India Salary Increase and Turnover Survey:
salary increase of 9.5% across all sectors in India for 2024.
EY predicts 9.6% average salary increase for India Inc in 2024
EY's Future of Pay 2024 predicts an average salary increase of 9.6% for Indian companies in 2024, similar to the increase observed in 2023.
Deloitte India Talent Outlook 2024 suggests a slightly lower average increment of 9.0%, compared to 9.2% in 2023.
Design specialists are projected to see growth exceeding 79%.
TCS announces double-digit salary hike this year.
9% avg salary hike for IT industry- India
Sources
How will other organization in India reacting on high Inflation situation? 2022
- 33 per cent organizations are expected to give double-digit salary increases in 2022
- India continues to project the highest salary increases among the BRIC (Brazil, Russia, India and China) nations in 2022.
- business outlook is resulting in a higher number of double-digit increments. 11 per cent higher from 2021.
- Salary increments in India will touch a five-year high in 2022.
- Highest attrition 21% in over two decades signifies the impact of 'Great Resignation' on India.
Inflation in India in double digit in 2022.
Cost of living in India Increase in double digit in 2022
- India's retail inflation is the highest since July 2021
- Retail inflation inched up marginally to an eight-month high in February on the back of rising food & beverage, cloth & footwear prices,
- while wholesale price inflation remained in double digits for the eleventh consecutive month.
- WPI inflation accelerates to 12-year high of 14.23% in November.
- WPI inflation eases to 13.56% in December; food items, veggies