Next year, there could be an increment of 10 percent in manufacturing and retail and 9.9 percent in financial companies.
Employees Salary Hike 2024: There is good news for employees working in the private sector. Next year, India may see a salary increase of up to 9.5%, which is more than 9.3 percent in 2024. This information has come out from the ’30th Annual Salary Increment and Business Survey’ of global professional services firm Aon PLC. This survey report has been prepared by analyzing the data of 1,176 companies from 40 industries in July and August. In this, salaries in engineering, manufacturing and retail industries are expected to increase by 10 percent and salaries in financial institutions by 9.9 percent, which are considered good signs.
Know how much salary increase will happen in which sector?
According to the survey report, the total salary of employees is expected to increase by an average of 9.5 percent in the year 2025. Next year, there may be an increment of 10 percent in manufacturing and retail and 9.9 percent in financial companies. Employees of Global Competence Center and Technology Products and Platform are expected to get a salary hike of 9.9 percent and 9.3 percent respectively. Apart from this, there may be an increase of up to 8.1 percent in salary in technology counseling and service sector.
Attrition rate will decrease
According to this report, the attrition rate will decline next year. This rate was 21.4 percent in 2022, 18.7 percent in 2023 and now it is estimated to be 16.9 percent in 2024. The second phase of this study will be published in early 2025, which will contain data collected in December and January. The reason for the increase in salaries in India is the booming economy. The GDP growth rate was 8.2 percent in the financial year 2023-24. It is estimated to be 7.2 percent in the financial year 2024-25.
