India Inc to significantly increase employee salaries in 2024: report

New Delhi, November 4 (KNN) According to the latest WTW Salary Budgeting Report, Indian companies are gearing up to provide significant salary increases to their employees in 2024 despite the prevailing global economic slowdown.

Indian companies are expected to give their employees a salary hike of about 9.8 percent next year, in line with the notable 10 percent increase in 2023, the report said.

This trend of salary increases in India is supported by several factors. First, India has a young and expanding economy with a large workforce, creating an environment of intense competition for talent.

The need to attract and retain qualified employees is a driving force behind these significant salary increases. Secondly, many Indian companies operate in the technology and fast-growing sectors, which typically offer richer compensation packages to remain competitive.

Finally, the Indian government has introduced measures to promote business growth and job creation, promote economic progress and create an enabling environment for wage growth.

The WTW report shows that more than half of the companies surveyed have expanded their salary budgets for the current year compared to the figures from 2022.

Furthermore, a quarter of these organizations have even exceeded their budget forecasts set in December 2022. This signals a growing willingness among companies to make larger salary increases, even amid economic uncertainty.

Looking ahead to 2024, some industries are preparing for the most significant salary increases. These include the technology, media, gaming, financial services and retail sectors, which are expected to offer around 10 percent salary increases.

(KNN office)

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