Salary hike in 2024 in India: Companies in India are expected to bump up employee salaries by 9.8 per cent in 2024. The hike would put India in the top spot in the Asia-Pacific region in terms of salary increment, Economic Times reported quoting WTW’s Salary Budget Planning Report. The Salary Budget Planning Report was conducted in April and May 2023 with around 32,512 sets of responses from companies across 150 countries.
India May Hike Salaries By 9.8% In 2024 – Know Details
The highest salary raises are expected to come from the technology, media and gaming, financial services and retail sectors. Employees in these fields may see their pay rise up to 10 per cent in 2024.
Indian tech giants such as Tata Consultancy Services (TCS), Wipro, and Infosys, have already commented on rolling out hikes. While TCS said it had already given hikes in the first quarter of FY24, Infosys said it would start from November 1, while Wipro employees are set to see increased pay from December onwards.
Several other sectors are likely to see better pay bumps than the last year. For instance, the report mentions that firms in the banking, financial services, and insurance (BFSI) sector may increase their employees’ pay by 10 per cent, marginally higher than the 9.8 per cent last year. Retail sector firms, too, are anticipated to offer a 10 per cent hike in salaries- 10 basis points ahead of the actual salary increase in the previous year.
What is driving the hikes?
Increasing inflation and tighter labour markets are expected to drive salary jumps in Indian firms for the upcoming year.
More than half of companies have increased their salary budgets this year, compared to 2022. According to a survey by WTW, a quarter of the companies have pushed their budgets above the projections they made in December 2022.
“Companies across industries are still closely monitoring their cost structures,” Economic Times quoted Rajul Mathur, consulting leader, work and rewards, WTW India, as saying.