On the one hand, while measures are being taken to cut jobs all over the world, on the other hand, there are reports that there is also a consultation on salary hike for the employees. While TCS has already announced a salary hike for its employees, now other companies in India are also expected to announce a salary hike and it is said that the salary hike will be in double digits.
Indian employee wages are expected to rise by 10.3 percent despite layoffs. It is also said that double-digit salary increases are continuing as planned despite concerns about economic volatility, while this year’s salary increase will be modest, compared to a 10.6% increase in 2022.A top official of the company said that while India Inc has given good salary hike in the last two years, this year it will give a salary hike of more than 10 percent. It is said that while the companies that are already on the path of improvement are consulting on the salary hike, other companies in India are also planning the salary hike and soon the announcement about the salary hike will be announced.
It is said that the salary hike announcement will come as salary increase is inevitable to bring out the full potential of the employees and keep them motivated even if the layoff is on one side. So it seems that Indian employees have hit the jackpot.
It is said that the salary increase will be determined based on the performance of the individual and there will be some promotion action besides salary increase. At the same time, the salary hike for non-qualified employees is said to be modest and will be a maximum of 2.8 percent.
Information about how many incidents have increased in companies in which sectors is now out. Let’s see about that now.
Technology platform and products: 10.9%
Global Competence Centers: 10.8%
Technical Consultancy and Services: 10.7%
Financial Institutions: 10.1%
Fast Moving Consumer Goods (FMCG)/Fast Moving Consumer Durables (FMCD): 10.1%
Production: 9.9%
Life Sciences: 9.7%
Retail: 9.7%
Professional Services: 11.2%
E-commerce: 12.2%
Other Services: 9.6%