Salaries in India are expected to increase by 10.4 per cent in 2023, compared to an actual increase of 10.6 percent to date in 2022, human capital consultant company Aon’s 28th annual Salary Increase Survey reveals. The study analysed data across 1,300 companies from more than 40 industries in India.
Image credits: Aon Digital
The survey further states that the attrition rate for the first half of 2022 continued to be high at 20.3 per cent, only marginally lower than the 21 per cent recorded in 2021, thus retaining the pressure on salaries. This trend is expected to continue for the next few months.
The survey also found that four out of the five sectors that are expected to have the highest projected salary increase are technology related and experience the highest volatility and impact of current global economic uncertainty.
With an expected salary increase of 12.8 per cent, e-commerce leads sectors with the highest projected increase, followed by start-ups at 12.7 per cent, hi-tech/information technology and information technology-enabled services at 11.3 per cent, and financial institutions at 10.7 per cent.
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