Employees may see a 9.5% increase in salaries in 2024, according to the Aon’s Annual Salary Increase and Turnover Survey 2023-24 for India. In 2023, salary hikes were seen at 9.7 per cent, slightly lower than Aon's projection for 2024. The Aon survey says India is still rolling out the highest salary increases among major economies in the APAC region.
The Aon survey analysed data from 1414 companies spanning nearly 45 industries.
How much salary hikes will you get in 2024?
The salary increase in India seems to have stabilised at high single digits after the post-pandemic increments in 2022, the survey noted. As inflation is projected to slow down in 2024, real wage growth is expected to be higher compared to 2023.
Among sectors, as per the survey, financial institutions, engineering, automotive and life sciences are projected to get the highest salary increases. Meanwhile, retail, technology consulting and services are on the lower side, the survey noted.
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Which sector will lead salary hikes?
The manufacturing sector will lead with an expected salary rise of 10.1% in 2024. Second in line could be life sciences and financial services which are expected to see a 9.9% salary jump while Global Capability Centers stand third with a 9.8% salary rise expected in 2024.
Aon Salary 2024: Sector expected salary hike in 2024
{{/usCountry}}The manufacturing sector will lead with an expected salary rise of 10.1% in 2024. Second in line could be life sciences and financial services which are expected to see a 9.9% salary jump while Global Capability Centers stand third with a 9.8% salary rise expected in 2024.
Aon Salary 2024: Sector expected salary hike in 2024
{{/usCountry}}Technology Platform and Products 9.5%
Global Capability Centers 9.8%
Technology Consulting and Services 8.2%
Financial Institutions 9.9%
Fast Moving Consumer Goods / Fast Moving Consumer Durables 9.6%
Manufacturing 10.1%
Life Sciences 9.9%
Chemicals 9.7%
Retail 8.4%
Professional Services 9.7%
E-commerce 9.2%
Roopank Chaudhary, partner and chief commercial officer for Talent Solutions at Aon in India, said, “The projected increase in salaries in the Indian formal sector indicates a strategic adjustment in response to the evolving economic landscape. 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.”