Published By: Mohammad Haris
Last Updated: February 27, 2024, 17:54 IST
The median benefit wage increments in India are anticipated to attain 10 per cent in 2024, which was on high of a 9.5 per cent enhance in 2023. (Image: News18)
Employees within the vehicle, manufacturing & engineering and life sciences in India are projected to see the best wage increment will increase, says a report by consultancy agency Mercer’s Total Remuneration Survey
Companies in India are anticipated to dole out a mean of 10 per cent wage enhance this yr, with vehicle, manufacturing and engineering sectors anticipated to witness the best hikes, says a survey. In 2023, the common wage hike was 9.5 per cent, in accordance to consultancy agency Mercer’s Total Remuneration Survey (TRS) launched on Tuesday.
“This trend showcases India’s strong economic performance and its growing appeal as a hub for innovation and talent. Employees in the automobile, manufacturing & engineering and life sciences in India are projected to see the highest salary increment increases, highlighting the competitive nature of these sectors,” it stated. The survey, performed between May and August 2023, gathered information from 1,474 firms, overlaying greater than 6,000 job roles and representing greater than 21 lakh workers.
It targeted on wage tendencies throughout varied industries, with particular person efficiency, organisation efficiency and place in wage vary being the highest three elements figuring out increments. The median benefit wage increments in India are anticipated to attain 10 per cent in 2024, which was on high of a 9.5 per cent enhance in 2023, the survey stated.
In India, it stated the speed of voluntary attrition has proven a gradual enhance from 12.1 per cent in 2021 to 13.5 per cent in 2022. “The half-yearly data for 2023 indicates a slight increase in attrition compared to 2022, suggesting a continuing upward trend in voluntary attrition each year, which is also being reflected in other parts of the world, including Brazil, China, Australia, and Japan,” Mercer stated.
Mansee Singhal, Rewards Consulting Leader for Mercer in India, stated the projected wage increments spotlight each confidence and optimism within the Indian market, pushed by strong financial indicators and a thriving enterprise panorama. The steady give attention to AI and automation has propelled key industries like vehicle, manufacturing & engineering and life sciences into a brand new part of development, Singhal added.
