Industries like hi-tech, IT, life sciences, e-commerce are likely to offer the highest pay hikes, shows Aon survey
As many as 87% of Indian companies plan to raise employee salaries in 2021, up from 71% this year, underscoring optimism among India Inc. about a potential turnaround in fortunes after the widespread turbulence caused by the covid-19 pandemic.
These companies are expected to offer an average 7.3% salary hike to their employees in 2021, rising from a dismal 6.1% average increase this year, according to the India Salary Increase Trend Survey by global human resource consultancy Aon issued Wednesday.
The proportion of companies among those surveyed who will not offer any pay hike next year is likely to more than halve to nearly 14%, compared to the 29% of companies that did not hike pay this year.
Next year’s expected 7.3% increase would still be the lowest in 14 years excluding this year and 2008-2009 when the world was engulfed by the global financial crisis.