India has always been a land of contrasts and its job market looks the same with unemployment rates hitting a 16-month high of 8 per cent on one side, as corporate employees look at hefty pay hikes. The Indian IT sector which was struggling with attrittion as high as 20 per cent till September, has now reduced hiring by 96 per cent as global demand is hit by recession. Amidst these headwinds and layoffs leaving employees of multinationals in tears, employees at Indian firms can expect a raise of up to 30 per cent in 2023.
Top performing professionals at Indian corporations can get a salary hike anywhere between 15 to 30 per cent, which is the highest in Asia. On an average, the pay hike will hover close to 10 per cent for India Inc's workforce in general. The results came from a global survey of 818 companies, where eight lakh people provided their inputs.
So far mostly employees from big metro cities such as Mumbai, Bengaluru and Delhi are receiving hefty salaries, but with hybrid working models, location won't be a major concern for firms.
Although the salary hikes are on the cards for professionals across firms in India, only 4 per cent of the country's workforce is employed in the formal sector, while 90 per cent work for the informal sector.
