Salaries in India are expected to increase by 10.4% in 2023 as compared to an annual rise of 10.6% to date in 2022, according to a survey conducted by Aon plc. Globally, India is the only country with highest salary increase in 2022 to date, that is, 10.6% as compared to other countries including Germany (3.5%), UK (4%), USA (4.5%), China (6%), Brazil (5.6%), and Japan (3%), as per the survey reports. Sector-wise salary increment numbersAccording to the survey, four out of the five sectors that are expected to have the highest projected salary increase are technology related and experience the highest volatility and impact of current global economic uncertainty. With an expected salary increase of 12.8%, e-commerce leads sectors with the highest projected increase, followed by start-ups at 12.7%, hi-tech/information technology, and information technology-enabled services at 11.3%, and financial institutions at 10.7%. Jang Bahadur Singh, the director of Human Capital Solutions at Aon in India, said that volatility is a key determinant of salary increases by industries, hence, the top salary increases are in the most volatile industries.

Source: Mint September 26, 2022 23:45 UTC