In what it may be termed as good news for employees in India, they are expected to get an average salary hike of 9.7 percent this year, while top performers will get 15.6 percent hike, this a marginal increase from last year.
According to Live Mint, average salaries in India are projected to rise by 9.7% in 2019 from 9.5% in the previous year. HR consultancy firm Aon’s annual salary increase survey predicts an average salary hike of 9.7 percent across industries as companies expect a positive economic outlook backed by high economic growth expectation, high domestic demand, and low inflation. Besides, the differentiation in salary increases further widened this year to 1.9 times between top performer and average performer where the overall the top performer is expected to get an average salary hike of 15.6 percent.
The pace of growth in salary hikes, however, slowed to 9.3% in 2017, as demonetisation in November 2016 and the implementation of the goods and services tax (GST) in the following year hurt business sentiment.
Continuing the trend, India continues to lead the Asia-Pacific region. Russia is expected to give a salary raise of 7.2 percent, South Africa 6.7 percent, Brazil 5.8 percent, the US 3.1 percent, Australia 3 percent and the UK 2.9 percent. The top five industries giving double-digit increase are consumer internet companies, professional services, life sciences, consumer products, automotive/vehicle manufacturing, the report said.
