India’s Corporate Sector Salary Increments Expected to Average 9.8% in 2024

India's Corporate Sector Salary Increments Expected to Average 9.8% in 2024

VoM News Desk | November 1, 2023 | 02:59 PM IST | Breaking News | Follow on Google News

India’s Corporate Sector Salary Increments Expected to Average 9.8% in 2024

India’s Corporate Sector Salary Increments Expected to Average 9.8% in 2024

Salary increments in India’s corporate sector are projected to average 9.8% in 2024, slightly lower than the 10% increase seen in 2023, according to a report by global advisory firm WTW. The study revealed that sectors such as financial services, manufacturing, and global capability centers are expanding their workforce and are expected to offer more competitive salary increments compared to the IT industry. India continues to have the highest salary increases in the Asia-Pacific region.

Diverse Salary Increment Projections Across Asia-Pacific

For comparison, salary increments in Vietnam are expected to be 8%, in China 6%, the Philippines 5.7%, and Thailand 5%. Tightening labor markets and rising inflation have affected workforce budgets in various countries.

Sector-Specific Salary Trends

In the IT sector, salary increments are expected to decrease from around 11-12% in the past to a projected 10% in 2024 due to macroeconomic challenges and a subdued deal environment. On the other hand, sectors such as manufacturing, pharmaceuticals, media, gaming, and global captive centers (GCCs) are expanding, which is reflected in their hiring plans and salary allocations for 2024.

Business Revenue Outlook and In-Demand Roles

The study also highlighted a slight decrease in positive revenue growth outlooks, with 36% of companies anticipating positive revenue growth for the coming year, down from 42% in the previous year. Roles in information technology, engineering, sales, technical skills trade, finance, and marketing continue to be in high demand.

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VoM News Desk

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