Salaries in India are expected to increase by 9.5% this year as industries such as infrastructure and manufacturing continue to project robust growth, a report showed today.  

While global capability centres (GCCs) are expected to see a pay hike of 9.8% in the country, manufacturing will witness a salary improvement of 10.1% and life sciences, 9.9%, according to a report. 

The workforce in financial institutions is expected to receive a salary hike around 9.9% while tech platforms and services and products will see a pay growth of 9.5% this year. 

The report analysed data across 1,414 companies from almost 45 industries. 

The overall attrition rates fell from 21.4% in 2022 to 18.7% in 2023, it found. 

“The projected increase in salaries in the Indian formal sector indicates a strategic adjustment in response to the evolving economic landscape,” said officials. 

Despite a conservative global sentiment, “industries such as infrastructure and manufacturing continue to project robust growth, indicating the need for targeted investments in certain sectors”, he added. 

A decrease in attrition is favourable for organisations allowing them to direct resources towards improving capability and enhancing productivity, thereby creating a positive cycle. 

“As leaders prepare for 2024, their focus is likely to shift towards building a supportive work environment to foster employee engagement in a dynamic job market,” said officials.

(Source: IANS)

-Edited for style

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