Despite fears of a global economic slowdown, Indian companies expect a strong business performance in 2022-23. In such a situation, Indian companies can increase the salary of employees by an average of 10.4% in the year 2023. The average increment in India in 2022 was 10.6%, which was higher than all the developed countries of the world including China-USA. According to the latest survey of wage growth in India by global professional services company AON Plc, this trend of strong increments is expected to continue in the country.
.Attrition rate of 20.3% in the first half of 2022
.Attrition rate in the IT sector is close to 26%, higher than all sectors
.Attrition rate in India was 21% in the first half of 2021
Year Increment
2019 9.3%
2020 6.1%
2021 9.3%
2022 10.6%
2023* 10.4%
According to study results, India is the only country having the biggest pay growth in 2022 to date, compared to other countries such as:
3.5% Germany
UK (4%)
USA (4.5%)
China (6%)
Brazil (5.6 percent)
Japan (3%)
In contrast, before to the coronavirus pandemic, the government had claimed a single-digit wage growth, that is, 9.3% in 2019, which then decreased to 6.1% in 2020 and 9.3% in 2021.
