Due to labor limitations and inflationary concerns, India Inc. will see a 10% median pay increase in 2023. According to global advisory company WTW, the median rise might amount to a 9.8% increase, with financial services, banking, technology, media, and gaming industries projected to provide the greatest raises.
"Salary budgets for employees in India are predicted to rise in 2023, mostly due to the continuing tight labor market and growing inflation worries," according to the WTW Salary Budget Planning Report.
According to the report, enterprises in India are budgeting a 10% overall median increase for 2023, translating to a 9.8% average compensation increase, compared to a 9.5% increase in 2022.
After two years of the epidemic, corporations with a bright outlook are modifying their budgets. According to the report, more than half (58%) of Indian companies have budgeted for bigger compensation increases this year compared to the previous year. A quarter of them (24.4%) made no changes to their budgets, while just 5.4% lowered their budgets in comparison to 2022.
Increases for India Inc. are likewise predicted to be the greatest in the APAC region. China is expected to grow by 6% next year, with Hong Kong growing by 4.0% and Singapore growing by 4%.
The largest compensation increases are projected in the financial services, banking, technology, media, and gaming industries, at 10.4%, 10.2%, and 10%, respectively.
