Double-digit salary increases in India

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

1. www.moneycontrol.com/news/business/employees-in-india-expect-over-20-salary-hike-during-job-switch-report-12305151.html

2. www.peoplematters.in/news/performance-management/salaries-in-india-expected-to-increase-by-95-in-2024-organisations-turn-to-benefits-to-retain-talent-aon-india-survey-40346

3. www.businessinsider.in/careers/news/ow-much-salary-hike-can-you-expect-in-2024/articleshow/106311391.cms

4. www.business-standard.com/industry/news/salaries-in-india-expected-to-increase-by-9-5-in-2024-aon-survey-124022100641_1.html

5. https://www.ey.com/en_in/news/2024/03/ey-predicts-9-point-6-percent-average-salary-increase-for-india-inc-in-2024-attrition-decline-nears-pre-pandemic-levels

6. https://economictimes.indiatimes.com/jobs/mid-career/tcs-announces-double-digit-salary-hike-this-year-here-is-what-you-can-expect-in-this-appraisal-cycle/articleshow/109262567.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

 

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
  

Reference : TOI, Business Standards outlook survey, MOSPI,PIB, Deloitte Survey,

 http://timesofindia.indiatimes.com/articleshow/90212066.cms?