Top talent can expect up to 30% salary increase
Employees across India will see the largest salary increase in Asia this 2023, according to a new report.
Korn Ferry's latest India Compensation Survey revealed that the salary increase in India should go up to 9.8% this year — higher than the 9.4% reported in 2022.
This could even go higher for top talent in the country, who will likely receive up to 30% pay hike, according to the survey, as reported by Press Trust India.
The increase is reported to be the highest in Asia, outpacing neighbouring economies such as Vietnam (8%), Indonesia (7%), China (5.5%), Philippines (5.5%), Thailand (5%), Malaysia (5%), South Korea (4.5%), and Singapore (4%).
Health care leads increases
India's health care sector is expected to lead the increase with 10.4% rises, according to the report, which surveyed 818 organisations with more than 800,000 incumbents. For the other sectors, the increase will reach:
- Life sciences (10.2%)
- Services (9.8%)
- Consumer goods (9.8%)
- Chemicals (9.6%)
- Automotive (9%)
- Retail (9%)
'Optimism' for economy
The increase comes as inflation worsens the financial anxieties of employees and employers across the world, with some employees in Singapore even taking on another job to keep up with the rising prices of goods.
In Southeast Asia, inflation has a significant role in the salary increases there, according to an Aon report, as well as the supply and demand in the talent market.
The optimism of Indian employers on the economy could be cited as reason for this increase, according to Navnit Singh, chairman and regional managing director at Korn Ferry.
"Although recession and economic slowdown are being discussed across the globe, there is optimism about the Indian economy with a projected GDP growth of six per cent upwards," Singh said as quoted by PTI.
