India Inc To Increase Salaries Of Employees Substantially In 2024: Report

New Delhi, Nov 4 (KNN) According to the recent WTW’s Salary Budget Planning Report, Indian companies are gearing up to provide their employees with substantial salary increases in 2024, despite the prevailing global economic slowdown. 

Indian firms are expected to grant their workforce an approximate salary increase of 9.8 per cent for the upcoming year, aligning closely with the remarkable 10 per cent rise they experienced in 2023, as per the report. 

Several factors underpin this trend of salary increments in India. Firstly, India boasts a youthful and expanding economy with a substantial workforce, creating an environment of intense competition for talent. 

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

Lastly, the Indian government has introduced measures to encourage business growth and job creation, fostering economic advancement and providing a conducive backdrop for wage growth.

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

Moreover, a quarter of these organisations have even exceeded the budget projections they set in December 2022. This signals a growing willingness among companies to provide more substantial salary hikes, even in the midst of economic uncertainty.

In anticipation of 2024, some sectors are preparing for the most substantial salary increases. These include the technology, media, gaming, financial services, and retail sectors, which are projected to offer approximately 10 per cent salary increases.

(KNN Bureau)