Chennai: Employees across the country may be looking at a salary hike of about 9.7 per cent, a marginal increase from last year, a report has said.
The hike will come across industries and comes on the back of firms expecting a strong economic outlook on account of high economic growth expectation, high domestic demand and low inflation.
According to an annual survey by HR consultancy firm Aon Hewitt, with the majority of the workforce getting a salary hike of 9.7 per cent, the top performers will take home more with them.
They (top performers) are likely to bag 15.6 per cent salary increase, said the report and added that the average salary hike was around 9.5 per cent in 2018.
“A decline in voluntary attrition and controlled incremental hiring continue to keep the sentiment mild,” the survey said.
However it is not all good news as experts state that double-digit pay increase days are well behind, as India Inc shows maturity in managing economic and political cycles.
China is expected to dole out a salary rise of 6.5 per cent, while Philippines (5.9 per cent), Japan (2.5 per cent), Singapore (3.9 per cent) and Australia with three per cent, are to follow suit.
The top five industries giving double-digit increase are consumer Internet companies, professional services, life sciences, consumer products, automotive or vehicle manufacturing, the report added.
Partner at Aon India Consulting, Anandorup Ghose, said, “If positivity comes in the economy post-election, regardless of how government performs, the positivity will last for next one year which will lead to higher pay increase for the next year.”