Salary hikes in India: Expecting big pay boost? Here is what may happen
What will average salary hike be in India Inc be this time? This question is on every employee's mind. Well staff in India may get an average salary hike of 9.6 per cent this financial year, says KPMG Annual Compensation Trends Survey 2018-19. Those who excel in their work, the so-called 'key talent', may get 14.7 per cent pay hike. Survey is based on data from over 270 organisations across 18 sectors who participated in the exercise.
In financial year 2017-18, the average projected increment for the year 2017-18, was 9.7 per cent, while the actual hike stood at 9.4 per cent.
19.9 per cent of participants saw attractive benefit offerings as one of the top three levers for drawing talent.
Companies are continuing to move towards paying for performance as is evident from average variable pay projection having increased from 15.4 per cent in 2017-18 to 15.7 per cent in 2018-19.
Those offering the highest variable pay as a per cent of CTC was reported by the financial services sector and the lowest by NGO sector.