Vikrant Shekhawat : Oct 16, 2024, 05:00 PM
Business News: India is reaching the first position in all areas from economic growth to manufacturing and service sector. China and other Asian countries are not even visible nearby. Now in another case, India will be number one next year. Yes, according to the latest report of WTW, India will be ahead of other Asian countries in terms of salary increase next year. Even China's number is seen far behind in these countries. Let us also tell you how much will be the increase in the salary of employees working in the private sector in India. At the same time, what is the estimate of salary hike in other countries of Asia.This will be the salary in IndiaCompanies in India can offer their employees a salary hike of 9.5 percent in 2025, which is equal to the actual salary increase of this year. This estimate was made in a report released on Tuesday. According to the latest salary budget planning report of WTW, the average salary increase in India is estimated to be 9.5 percent in 2025. This is equal to the actual salary increase of 2024, which was 9.5 percent this year. The highest salary increase of 10 percent is expected in the pharmaceutical sector next year, while manufacturing (9.9 percent), insurance (9.7 percent) and retail (9.6 percent) are also expected to have salary increases above the average level. However, in the year 2025, salary growth in the software and business services sector is estimated to be only nine percent, which is less than the general industry average of 9.5 percent.There will be more increase than these countriesAccording to the report, the Indian corporate world is leading the entire region with a salary increase of 9.5 percent. Vietnam (7.6 percent), Indonesia (6.5 percent), Philippines (5.6 percent), China (five percent) and Thailand (five percent) are expected to remain behind India. This report is based on data collected by WTW's Rewards Data Intelligence. This survey was conducted in April and June 2024. This report has been prepared on the basis of about 32,000 entries received from companies in 168 countries across the world. 709 participants from India were also included in this survey.Employers and employees want stabilityRajal Mathur, Consulting Head (Work and Remuneration) at WTW India, said that companies in India are showing cautiousness along with being optimistic about growth. The era of large-scale resignations is now over. Now both employers and employees want stability and the market sentiment is remarkably stable. Mathur said that organizations are putting more emphasis on performance-based pay differentials. According to this trend, top performers are likely to get three times the salary hike than average performing employees, while better than average employees are expected to get about 1.2 times the salary hike than average performers.28 percent companies are planning recruitmentThe report says that about 28 percent of companies are planning to make new recruitments in the next 12 months. However, the rate of voluntary attrition of employees remains high in this sector. The rate of attrition in India has gone up to 10.8 percent in 2024 from 11 percent in 2023. Apart from this, about 46 percent of companies in India expect that their salary hike budget for 2025 will be the same as that of 2024, while 28 percent of companies have expressed the possibility of it being less than the budget estimate.