10.4% Average Salary Hike For Indian Employees In 2022-23? This Is What Salary Survey Predicts..

Aon PLC said on Monday that almost on par with the 10.6% so far in 2022, the employers will raise staff pay by 10.4% next year.

This appraisal comes amid the country grappling with soaring inflation amid fears of a global economic slowdown.

In the month of August the country’s inflation rose to 7% and it has been eight straight months that the level has stayed above the central bank’s tolerance level. 

Salary Increase Reflects Business Performance Confidence

Roopank Chaudhary, partner, human capital solutions at Aon in India, said in a statement said that “This (salary) increase is a reflection of the confidence that corporate India has on its strong business performance”.

This survey which was performed across more than 40 industries, has the analysed data from 1,300 companies. 

Chaudhary said that there is a challenge in front of business leaders as there is a need to balance the impact of rising costs and salary pressures with a relatively high rate of attrition and the ongoing demand for critical talent. 

As per the survey findings, the staff exits in the first six months of this year remained high at 20.3%, but marginally lower than the 21% in 2021. 

E-commerce leads sectors with the highest projected salary increase of 12.8%, followed by start-ups at 12.7%, hi-tech/information technology and IT-enabled services at 11.3% and financial institutions at 10.7%.

More About Aon PLC

It is a British American multinational financial services firm that employees over 50000 people and is spread across 120 countries. It sells a a range of risk-mitigation products, including Commercial Risk, Investment, Wealth and Reinsurance solutions, as well as boutique strategy consulting through Aon Inpoint.