Companies in India are projected to dole out an average salary hike of 15 to 30 per cent more, in Asia’s biggest pay increase this year, as they look for key talent and niche skills, says a report.
The news comes as a significant relief to Indians amid the layoff season that has gripped the world. According to the report, High-tech industries, life sciences and healthcare lead the pack with jumps of more than 10%.
The Indian economy is more resilient today than it was 10 years back. While it is also one of the most populous – with millions entering the workforce each year, the overall unemployment rate remains a concern.
Korn Ferry, which surveyed 818 companies in India employing more than a combined 800,000 staff, found 61% of organisations are providing retention payments to key individuals.
“The 9.8% rise for India compares with 3.5% in Australia, 5.5% China, 3.6% Hong Kong, 7% Indonesia, 4.5% Korea, 5% Malaysia, 3.8% New Zealand, 5.5% Philippines, 4% Singapore, 5% Thailand, 8% Vietnam,” according to a Bloomberg report. According to the Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate in December increased to a 16-month high at 8.30 percent from 8.00 percent in December.