Employees Salary Hike: The new year can prove to be a great one for Indian employees. A report is saying that the salary of employees in India is going to increase rapidly in 2024…
The new year is going to prove to be great for Indian employees. According to a recent report, there is going to be a sharp increase in the salaries of employees in India in 2024. It has also been claimed in the report that the highest salary increase in the new year in the entire Asia Pacific region is going to happen in India only.
Salary can increase by this much
This information has been given in a news of Economic Times quoting WTW Salary Budget Planning Report. According to the report, the salary of employees in India may increase by 9.8 percent in 2024. Due to tight conditions in the labor market and high inflation, companies may increase their salary budget by about 10 percent next year.
Maximum benefit in these sectors
According to the report, employees of technology, media, gaming, financial services and retail sectors are going to benefit the most. The salaries of employees in these sectors may increase by 10 percent in 2024. Companies in these sectors say that the demand for talent remains constant. For this reason, the salary increase next year is going to be more than this year.
More growth expected from this year
The salary increase in Banking, Financial Services and Insurance i.e. BFSI sector this year has been 9.8 percent, while in the retail sector the salary has increased at the rate of 9.8 percent this year. The projection for them next year is 10 percent. Whereas in the captives sector, the salary may increase by 9.9 percent next year compared to this year’s increase of 9.8 percent.
Growth projections for other countries
The expected wage increase in India in 2024 is the highest in the entire Asia Pacific region. According to the projection of the report, in 2024, in the major markets of Asia Pacific region apart from India, the salary can be increased at the rate of 8 percent in Vietnam. There is a projection of 6 percent salary increase for China, 5.7 percent for Philippines and 5 percent for Thailand.
