India anticipate the highest salaries increase by 9.8% in 2024
Mid-sized businesses, product and platform companies, and the GCCs of financial services corporations are anticipated to keep hiring despite a decrease in IT recruitment, the largest wage increases in India are anticipated to occur in the retail, financial services, media and gaming, technology, and media sectors by 10% in 2024.
India anticipate the highest salaries increase by 9.8% in 2024, according to the WTW survey
According to a recent survey, in 2024, more than 41% of Indian workers will switch employment in order to improve their compensation, advancement, and well-being. Which Indian businesses intend to provide their workers with raises or compensation in 2024?
WTW’s most recent income budget planning studies indicate that a 9.8% increase in the median income in India is anticipated in 2024, which is about the same as the 10% real salary growth in 2023.
Vietnam is predicted to have the largest income growth in 2024—8%—followed by China (6%), the Philippines (5.7%), Thailand (5%), and the Philippines (7%).
The survey report projected and actual salary increases (median) for companies in India
Yearly Projected salary increase Actual salary increase
2024 9.8%
2023 9.8% 10.0%
2022 9.3% 9.8%
2021 7.0% 8.5%
2020: 10.0%, 7.5%
Projected and actual salary increases (median) for companies in India
“Companies across industries are still closely monitoring their cost structures,” stated Rajul Mathur, Consulting Leader, Work and Rewards, WTW India. Salary increases in the IT industry are predicted to noticeably decline from their historical range of roughly 11 to 12% to 10% by 2024.
On the other hand, industries such as manufacturing, pharmaceuticals, media, gaming, and global captive centers (GCCs) are seeing growth, as seen by their 2024 recruiting plans and wage allocations.
“Mid-sized companies, product and platform firms, and the GCCs of financial services companies are expected to continue hiring,” said Rajul Mathur, “despite a slowdown in IT recruitment.”
According to the survey, the largest wage increases in 2024 are anticipated to occur in the Indian technology, media and gaming, financial services, and retail sectors. These areas are predicted to have increases of 10%.
Due to the ongoing need for talent, organizations in the financial services, retail, and captive sectors have anticipated slightly bigger rises in 2024 as compared to the actual compensation increase in 2023.
In 2023, the survey was carried out in April and May. A total of 32,512 sets of answers were sent in by businesses in 150 different nations. There were 708 Indian respondents to the study. 7,372 firms from 22 markets in Asia-Pacific replied.
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