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November 30, 2020

India to see approximately 10% sallary hike by 2020

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We expect India to increase its salary by 10% by 2020. Irish advisory company Willis Towers Watson released its annual budget planning report on Tuesday. The company said- the salary increase in 2019 was 9.9% which will reach 10% in the new year. India’s potential wage growth percentage is the highest in the Indo-Pacific region.

According to the company’s survey, next year there will be a 8% increase in Indonesia, 6.5% in China and 9.9% in the Philippines. Companies are cautious even after the wage growth rate in India is high. She does not want to make any significant changes. Willy’s India Consulting Leader (Talent and Rewards) Rajul Mathur said – Companies are starting the practice of paying based on needs and skills in automation and digitization.

Estimates of increments of all categories of employees

According to the survey, they expect the salary of all categories of employees to increase. They expect the average at the executive level to rise to 10.1% next year. The salary of the middle-level management, professional and support staff can be 10.4 percent in 2020. The wage growth of traditional workers engaged in production operations was 10% in the current year which maybe 10.3% next year.

Companies spending more on top performers

The company has found that 25% of the total salary increase budget is being given to top performers who represent 11.5% of the country’s workforce. This means that while Rs 1 is allocated on average or below-average employees, Rs 2.16 is spent for top performers.

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