Key Points
NEW DELHI: Salaries in India are projected grow by an average 10.3% this calendar year despite the economic volatility, a tad lower than the actual increase of 10.6% last year, according to according to leading global professional services firm Aon plc's 28th annual salary increase survey in India...
Although slightly lower than last year, the projected increase continues to be in the double digits despite concerns about economic volatility, due to attrition rates..
Aon said in a statement.. Roopank Chaudhary, partner, human capital solutions, India at Aon, said: Rising economic uncertainty and concerns over economic volatility are making salary increase planning especially difficult this year..
The survey shows salary increase based on individual performance stays steady at 7.8% while increase on top of merit such as market corrections, special adjustments and promotions is expected to moderate to 2.8%, which is higher than the historical average..
Pritish Gandhi, director and leader of the executive compensation and governance practice in India at Aon, said: The non-merit salary increase projections continue to be moving up as firms budget for retaining talent through promotions and off-cycle corrections..
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