Indian workers likely to get average salary hike of 9.6% this year: Report
Indian workers likely to get average salary hike of 9.6% this year: Report
Employees in India are expected to get an average salary increase of 9.6% in 2024, similar to the actual increase in 2023, a new report said on Mar 6.
According to the EY ‘Future of Pay 2024’ report, overall attrition dropped to 18.3% in 2023 (from 21.2% in 2022) and is set to gradually decline over the next few years as companies prioritise cost management and employee well-being, stabilising the workforce amidst high talent demand.
“While overall average salary increase in India inc holds steady compared to last year, certain sectors such as e-commerce, financial services and professional services firms are poised for significant pay raise in 2024,” said Abhishek Sen, partner and leader, EY India.
E-commerce is expected to have the highest salary growth in 2024, at 10.9%, followed by financial services, with a projected growth of 10.1%. Professional services’ salary is set to grow by 10% this year, according to the report.
