This year is going to be the best in the last five years for the salaried person in terms of salary increase. Domestic companies are expected to increase the salaries of their employees by up to 9.9 percent this year, the highest since the 10.2 percent increase in 2016. Last year i.e. in 2021, there was an increase of 9.3 percent in the salary of the employees.
Global professional services firm Aon said in its 26th wage growth survey that India is expected to see the highest salary increase this year in the BRICS, a grouping of five countries comprising Brazil, Russia, India, China, and South Africa. Workers' salaries are projected to increase by 5 percent this year in Brazil, 6.1 percent in Russia, and 6 percent in China. The survey report is based on an analysis of data from 1,500 companies from over 40 industries.
Salary increased in unit points after 2016
2016 - 10.2 percent
2017 - 9.3%
2018 - 9.5%
2019 - 9.3%
2020 - 6.1%
2021 - 9.3%
The biggest growth in e-commerce
This year the e-commerce sector is expected to see the highest wage growth of 12.4 percent.
Hi-tech/information technology could grow by 11.6 percent and professional services by 10.9 percent.
IT-enabled services are expected to grow by 10.7 percent, metals and mining at 8.3 percent, restaurants at 8.5 percent, and cement at 8.6 percent.
These reasons will increase
According to the survey, due to strong improvement in the financial position of the companies and positive business sentiments, the companies are going to make a record salary increase this year. Companies are planning to invest in new-age capabilities to build a combative workforce. The job loss rate has risen sharply during the pandemic. Hence companies are also resorting to wage hikes to stop their energetic and efficient employees.
Job abandonment rate highest in 2 decades
The report said that in 2021, the job loss rate of employees stood at 21 percent, which is the highest in two decades. In 2020, this rate was 12.8 percent. Nitin Sethi, CEO & Partner, Aon Human Capital Solutions, said that the wage hike is like a double-edged sword for companies considering the rate of employee quitting. At the same time, this is good news for the employees in turbulent times.
Education has become a big industry in the country. Due to this, students who are unable to affor
This actor is perfect for Yuvraj Singh's biopic, the cricketer praised him
Yuvraj Singh Biopic: The life of cricketers has been very inspiring. Everyone knows how he is on
Sri Lanka bags $2.9 billion IMF deal after China's support, President Ranil Wickremesinghe informed
Sri Lanka, which is facing a financial crisis, needs a conditional International Monetary Fund (I
In Pakistan's Punjab Assembly, Imran's party leaders slapped the deputy speaker, pulled hair too
In the Punjab Assembly of Pakistan, on Saturday, the leaders of Imran Khan's party PTI broke the
There is continuous rhetoric regarding the statement of Infosys founding member Narayan Murthy ab
Azad in Jammu: Ghulam Nabi Azad may announce the name of the new party today on Navratri
The name and flag of Ghulam Nabi Azad's new party have been finalized. Azad can announce the name
One of the most awaited films of Bollywood, 'Ramayana', whose shooting has been going on for a lo
Prime Minister Narendra Modi will take a dip of faith in Saryu before entering the sanctum sancto
Sajid Nadiadwala's Nadiadwala Grandson Entertainment (NGE) has joined hands with Amazon Prime Vid
Aam Aadmi Party's Political Affairs Committee (PAC) meeting was held. In this, a decision was tak
