9.5% salary growth forecast this year
Actual rise in 2023 was 9.7%; Focus on supportive work environment to foster employee engagement in a dynamic job market
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New Delhi: Salaries in India are expected to increase by 9.5 per cent in 2024, slightly lower than the actual increase of 9.7 per cent in 2023, largely in response to market dynamics, according to global professional services firm Aon plc.
According to the firm’s annual salary increase and turnover survey 2023-24 India, that analysed data across 1,414 companies from almost 45 industries, salary increase in India seems to have stabilised at high single digits, after the post-pandemic high increments in 2022.
“The projected increase in salaries in the Indian formal sector indicates a strategic adjustment in response to the evolving economic landscape. Despite a conservative global sentiment, industries such as infrastructure and manufacturing continue to project robust growth, indicating the need for targeted investments in certain sectors,” said Roopank Chaudhary, partner and chief commercial officer for Talent Solutions at Aon in India.
