Salary Hike In 2023: Companies in India can increase salary by 10 percent in 2023, which will be half percent more than the average salary increase of 2022. In 2022, companies in India had hiked salaries by an average of 9.5 percent. According to a report, companies are facing tough conditions in the labor market.
The salary budget plan report by Willis Towers Watson, a global advisory, broking and resolution services company, found that companies in India are budgeting for a 10 per cent wage increase during 2022-23. The actual wage increase in the previous year was 9.5 per cent
According to the report, more than half (58 percent) of employers in India have budgeted for higher wage hikes for the current financial year than last year. Of these, a quarter (24.4 percent) did not make any changes to the budget.
The report said that compared to 2021-22, only 5.4 percent have reduced the budget.
According to the report, the highest salary increase in the Asia Pacific (APAC) region will be in India. Next year salaries will increase by six percent in China, four percent in Hong Kong and Singapore.
The report is based on a survey conducted in 168 countries in April and May 2022. Talked to 590 companies in India.
