WTW: Companies in India will increase salaries by 9.8 percent next year; Know where the salary will increase the most
Companies in India are expected to give a salary increase of 9.8 percent in the next year i.e. 2024. This has come to light in the recently released ‘Salary Budget Planning India Report’ of Willis Tower Watson (WTW). It said companies across sectors are still closely monitoring their cost structures, so not much wage increase is likely. Considering this, it can be said that companies can increase the salary by 9.8 percent next year. However, this is slightly less than the 10 percent increase in 2023.
According to the ‘Salary Budget Planning India Report’, the average salary increase in India is estimated to be 9.8 percent in 2024, which is close to the actual increase of 10 percent in 2023. According to the survey, a decline in salary increase is expected in the IT sector. Earlier the growth estimate for 2024 was around 11 to 12 percent, which has now come down to 10 percent. In contrast, sectors such as manufacturing, pharmaceuticals, media and gaming are expanding. These sectors can recruit more and offer higher salaries next year.
According to the report, more than half of the companies have increased the salary budget this year compared to 2022. A quarter have increased the budget from earlier estimates. 36 percent of companies expect revenue growth to be positive in the next 12 months. 28 percent of the companies will recruit new employees next year, while 60 percent have done so this year.
According to this report, Willis Tower Watson conducted this survey in April and May 2023. Companies from 150 countries were involved in this. There were 708 participants from India.
The highest wage increase across Asia Pacific (APAC) will be in India. After this, the salary increase for Vietnam in 2024 is estimated at eight percent. If we talk about China, the salary there will increase by six percent, similarly in Philippines it will increase by 5.7 percent and in Thailand it will increase by five percent. At the same time, in this survey a big claim has been made about those leaving the job in India. According to this, the number of people leaving jobs in India has come down to 14.6 percent which was more than 15 percent in 2022.
