The report claims that the highest salary increase in the new year in the entire Asia Pacific region is going to happen in India. Wage growth in 2024 is expected to be 8 percent in Vietnam, 6 percent in China, 5.7 percent in Philippines and 5 percent in Thailand.
Employees Salary Hike 2024: There is good news for lakhs of employees working in the private sector. In the year 2024, the salary of employees may increase by up to 9.8 percent. This information has come out from the recently released ‘Salary Budget Planning India Report’ of Willis Tower Watson (WTDW). Earlier, a real increase of 10 percent has been seen in the salaries of Indian employees in 2023.
Know what WTDW’s survey report says
Actually, there is very little time left for the new year to start, in such a situation, discussions have started regarding how much salary will increase in the employees in 2024 and some agencies have also started making predictions through surveys. In the ‘Salary Budget Planning India Report’ recently released by Willis Tower Watson (WTDW), it has been told that in 2024, companies in India will increase their salaries by 9.8 percent. raise), which is closer to 10 percent real growth in 2023.
How was the survey done?
The special thing is that this survey was conducted in April and May 2023, in which about 32,512 responses were received from companies from 150 countries. The survey included 708 participants from India, In Asia Pacific, 7,372 organizations from 22 markets responded. The report also claims that India is going to see the highest salary increase in the new year in the entire Asia Pacific region. Wage growth in 2024 is expected to be 8 percent in Vietnam, 6 percent in China, 5.7 percent in Philippines and 5 percent in Thailand.
How much salary can increase in which field?
- According to the WTW Salary Budget Planning Report, due to tight conditions in the labor market and high inflation, companies may increase their salary budget by about 10% next year.
- Employees of technology, media, gaming, financial services and retail sectors are expected to benefit the most in this, the salary of employees in these sectors may increase by 10%.
- The salary increase in Banking, Financial Services and Insurance i.e. BFSI sector this year has been 9.8%, while in the retail sector the salary has increased at the rate of 9.8% this year.
- The projection for them next year is 10% and the salary in the captives sector may increase by 9.9% next year compared to this year’s increase of 9.8%.>
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