Indian Employees Will Get 9.7% Salary Appraisal, But Where Are The Jobs?
Aon conducted survey across 1000 companies in more than 20 industries in India
After toiling away at the office, putting in all the hard work and sweating on every little task, great pay is what any employee deserves! And this is truly a piece of good news for every employee out there – employees in India will get an average salary hike of 9.7% this year.
Here are all the details about this very pleasant news!
India Inc’s Employees to Get Pay Hike
As per reports by a survey conducted by the HR consultancy firm, Aon, this pay hike is specifically for India Inc’s employees, who will be getting an average pay hike of 9.7% for the year 2019. This is due to the fact that the companies under India Inc expect a positive economic outlook, high expectations of economic growth, higher domestic demand and a fall in inflation.
Will the hike differ according to performance? Yes. This pay hike is by companies who are focussing on performance and productivity more than anything, and top performers will be awarded a hike of 15.6 %.
As per the survey, conducted across 1000 companies in more than 20 industries in India, India is at the top of the Asia-Pacific region. Russia will offer employees a salary hike of 7.2 %, South Africa 6.7 %, Brazil 5.8 %, the US 3.1 %, Australia 3 %, and UK 2.9 %.
These are the industries which are giving out a double-digit rise in salaries – consumer internet companies, professional services, life sciences, consumer products, automotive/vehicle manufacturing.
Anandorup Ghose, Partner and Head Emerging Markets, Aon, said, Aon”If positivity comes in the economy post-election, regardless of how government performs, the positivity will last for next one year which will lead to a higher pay increase for the next year.”
For the previous year, the same survey had estimated an average salary hike of 9.5%.
Unemployment Rate Increased?
On the darker side, the unemployment rate in India has gone up to 7.2% in February 2019. This is the highest number since September 2016. Also, this is a massive boost in the unemployment rate from February of 2018, which was 5.9%. These reports have been released by the Centre for Monitoring Indian Economy (CMIE).
After demonetization of the Rs. 500 and Rs. 2000 notes, around 11 million people lost their jobs in 2018. The imposing of the GST (goods and service tax) was quite confusing and has impacted small businesses.
With employees getting pay hikes, and yet the unemployment rate is on a drastic rise, is this good news for India or not? Share your thoughts with us in the comments section!