Chennai: Pay rises are making a comeback. Companies in India plan to give employees rises in 2022 as they recover from the economic fallout of the pandemic and face mounting challenges attracting and retaining employees.
Salaries are projected to see a median salary increase of 9.3 per cent next year (translating to an average salary increase of 8.8 per cent) as compared to the actual median salary increase of 8 per cent (average salary increase of 7.4 per cent) in 2021, according to the latest Salary Budget Planning Report by Willis Towers Watson, a global advisory, broking and solutions company.
The report looks at a range of job grades across various industry sectors and is designed to provide companies with guidance for their annual salary forecasting for the year ahead.
As a large emerging market, India continues to project the highest salary increase for 2021 in the Asia Pacific region. Sri Lanka is projected to see an increase of 5.5 per cent, China at 6.0 per cent, Indonesia at 6.9 per cent, and Singapore at 3.9 per cent.