Indian Companies Forecast 9.5 percent Salary Hike in 2024 - News

Indian Inc project a 9.5 percent salary hike in 2024, slightly lower than 2023’s 9.7 percent, states an Aon survey. With the manufacturing sector leading at 10.1 percent, financial institutions and Life Sciences follow at 9.9 percent. 

Aon’s Annual Salary and Turnover Survey 2023-24, analyzing data from 1,414 companies across 45 sectors, indicates strategic salary adjustments amidst economic shifts, suggests Roopank Chaudhary, Partner and Chief Commercial Officer for Talent Solutions, Aon India. 

E-commerce firms offer around 9.2 percent hikes, while FMCG, consumer durables, and retail sectors project increases of 9.6 percent, 8.4 percent, and 9.5 percent respectively. The survey notes a decrease in attrition rates from 21.4 percent in 2022 to 18.7 percent in 2023, beneficial for organizations. Jang Bahadur Singh, Director, Talent Solutions, Aon India, suggests organizations focus on building supportive work environments to enhance employee engagement amidst dynamic job markets.