Key Points
Employees in India are expected to get the highest salary increments in the Asia-Pacific region this year, according to Korn Ferrys latest India Compensation Survey, shared exclusively with ET, as the Indian economy remains far more resilient than others amid a global economic slowdown...
India Inc is likely to see a median pay hike of 9.7% in 2024, compared to 9.5% last year, said the survey, as companies try to balance a focus on cost management with a strong emphasis on retention of critical talent...
In the Asia-Pacific region, Vietnam comes a far second, with a 6.7% median pay hike expected in 2024 (6.8% in 2023), followed by Indonesia with 6.5% (6.4% last year), according to the survey..
In 2024, the highest salary increments of 10% are expected across financial services, global capability centres (GCCs) and product companies, chemicals, industrial goods and retail industries, while IT services are likely to see the lowest increments of 7.8%...
Automotive (9.7%), construction and building material (9.6%), life sciences and health care (9.5%) and oil & gas, including utilities (9.5%), are among those offering median increments upwards of 9% while consumer goods companies are likely to give lower pay raises of around 8.7%, found the survey of 706 companies...
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