Salary 9.8 Percent Hike Salary Increase In India 2023 Survey Report

Salary Increase in India 2023: New Year 2023 has started in the country and the world, the first two weeks of the year have also passed. It is expected that the past time must have been good for everyone, this year is going to be special for the Indian people. According to a survey report, a considerable growth in the income of Indians has been predicted this year. Know what is special in this survey report…

Salary will increase by 9.8 percent

According to Korn Ferry’s latest survey on India (India Compensation Survey), the country can see an average salary increase of 9.8 percent during the year 2023. Last year in 2022 there was an increase of 9.4 percent. This time it is expected to be a little more.

what is survey

818 companies and organizations of the country have been included in this survey. The survey states that organizations and companies operating in India have retained their talent in the market through a variety of initiatives and compensation plans. In the year 2023, an increase of 9.8 percent in their salary is fixed.

There was no salary increase in Corona

The year 2020 was greatly affected by the Corona Pandemic in the country. The salary hike this year was much less at 6.8 per cent. But now in 2023 it seems to be getting rid of Corona. Therefore, for a sustainable future this year, the company will focus on boosting the morale of its employees by increasing their salaries. The survey projects substantial growth in the science and health care and high technology sectors at 10.2 percent and 10.4 percent, respectively.

worldwide economic downturn

According to media reports, Navneet Singh, President and Regional Managing Director of Korn Ferry, says that, there is talk of recession and economic slowdown all over the world, but the Indian economy is being predicted to have a GDP growth of 6 percent. . The salary hike for employees in the country’s top companies can range from 15 percent to 30 percent. In this, salary increase has been estimated for sectors such as service sector (9.8 percent), automotive (9 percent), chemical (9.6 percent), consumer goods (9.8 percent) and retail (9 percent).

read this also

WPI Data: People got relief from inflation in December, wholesale inflation came down to below 5 percent