Salary Hike in Auto Sector: Due to increase in profits, auto sector companies have put salary hike in top gear. The employees have got a hike of up to 16 per cent. Big companies like Tata, Maruti have also given promotions and bonuses.
Salary Hike: With the increase in sales in the auto sector, the major auto makers, who are making profits, have started giving gifts to their employees in the form of salary hikes. Sales of Maruti Suzuki, Tata Motors, Hyundai Motor India and Hero MotoCorp have increased. These companies are increasing the salary of their employees by an average of 10% to 16%. Let us tell you that in the financial year 2023, passenger vehicle sales in the domestic market increased by 27% to a record 3.89 million units as compared to a year ago. Two-wheeler sales have also increased in double digits to 15.9 million.
With the best efforts of the employees, Maruti Suzuki has performed well in FY2023. Maruti Suzuki executive board member and HR Rajesh Uppal said that 1 lakh crore has been recorded as the highest ever turnover. Uppal told ET that ‘Our sales of 19.66 lakh units have been the highest ever. The company recognizes the efforts of the employees and is rewarding their good work in the form of a salary hike.
The country’s largest carmaker Maruti has given an average salary hike of 14-15% this year. This includes merit enhancement, market improvement and promotion benefits. This is more than last year. The company has also given bonus according to the business performance of the previous financial year.
Hyundai Motor India has increased the salary of the employees by 13-16%. The company’s AVP and vertical head HR, Charles JS Walter told ET, “This hike is one of the best in the industry.
A Hero MotoCorp spokesperson said that this year’s increment has been higher than last year’s. The spokesperson said that moving forward with a focus on performance, our annual compensation review process has led to the best salary increase in the industry in FY 2023.
Valuations at Tata Motors are in line with the industry. Sources said that the company has given salary hike as well as bonus on different basis linked to the performance of the employees. At the same time, Mahindra & Mahindra is ready to increase the salary of its employees from August 2023. Sources said the hike is likely to be at par with other automakers.
According to Deloitte’s report, employees of Automotive Original Equipment Manufacturers (OEM) have received an average salary increase of 10.2% in 2023. This is the highest growth in the manufacturing sector. Deloitte India Director Nilesh Gupta said that the average salary hike in the auto sector has been recorded at more than 9.1%.
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