Salary Hike: This year, employees in India are expected to get the highest increment in the Asia-Pacific region this year. According to the survey, the average salary hike in India may be 9.7% in 2024.
There is good news for the employees. This year his salary may get the highest increase. Korn Ferry’s latest survey states that this year, employees in India are expected to get the highest increment in the Asia-Pacific region. In fact, amidst the economic recession in the world, the Indian economy remains more flexible than other countries. The survey covered 706 organizations with more than 1 million executives from 13 industries.
According to the survey, the average salary hike in India may be 9.7% in 2024. Whereas, last year it was 9.5%. Vietnam ranks second in the Asia-Pacific region, followed by Indonesia with 6.5% (6.4% last year). Employees in Japan are likely to get the lowest salary increment of 2.5% (2.7% last year).
Navneet Singh, chairman and regional managing director, Korn Ferry, told ET, “India is a shining star in the global economy and its GDP growth is expected to remain ahead of others despite the economic slowdown across the world. Indian companies are still on the path to growth. But there is and still is a shortage of talent.”
The maximum salary will increase in these sectors: This year, the maximum salary increase of about 10 percent is expected in these sectors: Financial Services, Global Capability Center and Product Company, Chemical Industries, Industrial Goods and Retail Industries.
Sectors with the least likely increase in salary: If we talk about the sectors with least likely salary increase, these include IT Services (7.8%), Automotive (9.7%), Construction and Building Material (9.6%), Life Science and Health Care (9.5%). %), Oil & Gas, Utility (9.5%). Talking about other sectors, there is a possibility of 8.7% increase in consumer goods.
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