Indian Employees Will Get Highest Salary Hike In Asia Pacific Region: 9.8% Salary Hike Expected!

Shreya Bose

Shreya Bose

Nov 03, 2023

A report says the median salary increase in India is predicted to rise by 9.8% in 2024.

Indian Employees Will Get Highest Salary Hike In Asia Pacific Region: 9.8% Salary Hike Expected!

What’s it all about?

This makes it very slightly less but close to the actual salary increase of 10% in 2023

Willis Tower Watson’s latest ‘Salary Budget Planning India Report’ conducted a survey in April and May 2023.

In this, approximately 32,512 responses were received from companies across 150 countries worldwide.

This included 708 participants from India.


In Asia Pacific, 7,372 organisations from 22 markets responded.

As an emerging market, it is striking that salary increases in India remain the highest across Asia Pacific (APAC).

In comparison, the 2024 salary increase for Vietnam is projected at 8%, followed by China at 6%, Philippines at 5.7% and Thailand at 5%.

How’s it going at IT?

“Companies across industries are still closely monitoring their cost structures. 

Within the IT sector, a noticeable correction is expected with salary increments reducing from approximately 11 to 12% in the past to a projected 10% for 2024,” said Rajul Mathur, Consulting Leader, Work and Rewards, WTW India.

Sectors like manufacturing, pharmaceuticals, media, gaming, and global captive centres (GCCs) are expanding.

Why is it happening?

Mathur said this is evident from their hiring plans and salary allocations for 2024.

The report further remarked tighter labour markets and rising inflation have been cited as some of the major concerns influencing salary increase budget changes for 2024.

However, compared to last year, over half of the companies have increased their salary hike budgets this year, while a quarter have raised their budgets from earlier projections in December 2022.

As per the survey, slightly more than one-third (36%) of the companies have projected a positive business revenue outlook for the next 12 months in Q2 2023 compared to 42% in Q2 2022.

Potential positive outlook?

Coming to hiring, nearly 28% of companies said they intend to recruit in the next 12 months while about 60% companies have increased headcount in 2023, as compared to the previous year.

The report also identifies ‘hot jobs’ for recruitment in the next 12 months.

These include, particularly, roles in information technology (61%), engineering (59.8%), sales (42.9%), technical skills trade (38.6%), finance (11.8%), marketing (10.6%) and human resources (3.1%).

Voluntary attrition rate in India has gone down from 15.3% in 2022 to 14.6% in 2023.

However, this is still one of the highest among the APAC markets, the survey said.

Which sectors will witness the best hikes?

Per the sectoral trends, technology, media and gaming, financial services and retail sectors are expected to see the highest salary increase at 10% in 2024.

“Companies in the financial services, retail sectors and captive setups have projected marginally higher increases for 2024, as compared to the actual salary increase in 2023 due to the continued talent demand,” the survey said.

Shreya Bose
Shreya Bose
  • 610 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos


Subscribe Now!

Get latest news and views related to startups, tech and business

who's online