Salary Hike: If you are an employee then this news is for you. Actually the month of March is about to end. Due to which lakhs of employees working in different sectors are waiting for their salary to increase. In such a situation, let us know in the news below how much the salary of the employees will increase this year.
Only a few days are left for the month of March to end and lakhs of employees working in different sectors are waiting for their salary to increase. Filling of appraisal forms will start in corporate and private companies by the end of March 31, 2024.
After which the process of salary increment starts. All the employees are happy about the salary increment in April. But do you know how much your salary will increase this time? How much will be the increment…? Now that the survey has come regarding this, let us tell you also…
The survey revealed-
According to a recent survey by consulting firm Deloitte, the average salary hike in India is likely to be 9% in 2024, which is marginally lower than last year’s 9.2%. The Deloitte India Talent Outlook 2024 survey also reveals that one in three organizations in the country is planning to pay double digit salaries this year. Whereas the average salary hike is less than last year. Salary hike estimates for 2024 are higher than pre-Covid levels in all sectors except IT and Business Process Outsourcing (BPO)/Knowledge Process Outsourcing (KPO).
They may get double digit hike-
The survey also estimates that companies may give double digit salary hike to junior management employees. But it will be based on performance. The Deloitte report said that companies may become stricter about their bell curves, which will make it difficult to achieve top ratings. However, top performers can still expect a pay increase of 1.8 times that given to employees with “average” ratings.
For employees with “below average” ratings, salary increases are expected to be less than last year. 0.4x in 2024 compared to 0.6x in 2023. The percentage of employees to be promoted in 2024 has decreased from 12.3% to 11.5%. According to the survey, by 2023, organizations are likely to maintain a 7.5% increase in promotions to retain key talent.
In which sector there will be maximum salary hike?
In another survey, it has been said that the highest salary hike will be in sectors related to financial institutions, engineering, automobile and life sciences. 9.9% salary hike is being reported in life sciences and financial institutions. E-commerce will be 9.2 percent, manufacturing 10.1 percent, manufacturing 10.1 percent salary. Salary growth may reduce in companies like consulting and services, retail, technology. At the same time, salaries in the manufacturing sector are estimated to increase at an average rate of 10.1%.
Salary Hike: Important update for employees, know how much salary will increase this year
