India has never ceased to provide opportunities to the budding talents. The deserving ones are destined to get placed in the reputed companies. But how often do we hear them talk about the hike in their companies? However, India’s future looks promising in terms of salary hike and according to a Salary Budget Report, the hike in India may be among highest in 2019.
Employees in India may get a 10% hike in salaries in 2019, according to the latest survey. Willis Towers Watson which is a London-headquartered risk management firm learnt that the average salary across sectors might escalate in India, which may be the highest among major Asia-Pacific economies.
The survey adds that the hike in Indonesia is estimated at 8.3% whereas in China it may remain at 6.9%, followed by The Philippines at 6%, Hong Kong and Singapore both at 4% respectively. On the other end of the spectrum, India is expecting a 10% average hike in 2019. The survey says that it will be the same with the actual rate of increase in the last three calendar years in India.
The survey adds that Consumer products, retail sector, high tech, and chemical industries will expect a 10% rise whereas professionals working in pharmaceuticals may receive better salary hikes in the upcoming season at 10.3%
Sambhav Rakyan who is the data services practice leader of Asia-Pacific, Willis Towers Watson, said, “India continues to show high salary increments compared to other countries in the region and this can be attributed to the steady economic growth, progressive reforms, and cautious optimism across sectors.”
The question arises about which industries will receive the most benefits. As per the Salary Budget Planning Report, the pay hikes in MNCs which belong to KPO/BPO operations are most likely to raise the average salary at a higher rate compared to other industries. The report adds that even MNCs will also get the benefit along with local companies which will also see an improvement.
The report also went on to reveal that technically skilled employees in the field of engineering, IT and marketing will get the most benefit in the next 12 months. As far as the management-level executives are concerned, the average salary hike is estimated to be at 9.8% whereas mid-management and production/ manual labor may get a 10% raise.
Nonetheless, variable pay (compensation based on employee performance, i.e. when employees meet their goals, variable payment is provided as a type of bonus. It is also known as incentive pay or commission) may decline steadily.