In 2023, the salary of employees can increase by 10.4 percent. This figure is higher than the estimate of 9.9 per cent increase in February salaries.
There is great news for the employees working in the private sector (Employees Salary Hike 2022). Salary may increase by 10.4 percent in the year 2023. This will see a big jump in the salary of the employees. This has been disclosed in the report of the world’s leading professional service company Aon PLC. In this research, data analysis of 1300 companies of 40 industries of the country has been done.
Aon PLC has claimed in its latest survey report that companies in the country can increase the salary of employees by 10.4 percent in the year 2023 on the expectation of strong performance in their business. This figure is higher than the estimate of 9.9 per cent increase in February salaries. At the same time, there was an increase of 10.6 percent in salaries during 2022.
The special thing is that in this survey data of 1,300 companies of more than 40 industries in the country has been analyzed. It said the job loss rate in the first half of 2022 stood at a high of 20.3 per cent. Therefore, there is pressure on companies to increase salaries. This rate is lower as compared to 21 percent in the year 2021.
R Choudhary, Human Capital Solutions partner, Aon in India, says that despite global challenges and high domestic inflation, India’s projected wage growth in 2023 will be in double digits. In this, salary growth is expected to be 12.8 percent in the e-commerce sector, 12.7 percent in the startups sector, 11.3 percent in the hi-tech / IT and IT related services sector and 10.7 percent in the financial institutional sector.
