Happy New Year 2023! Why, are we wishing you so late? Well, this year is going to be a super happy one for all of us, Indian employees. According to a financial report by Korn Ferry, Indian employees can expect a pay hike of a whopping 15 to 30 per cent in 2023. This is touted to be Asia’s biggest pay hike. Do you know what this means? More travel, fine dining and luxuries! Read on.
Indian Employees To Get Whopping 15 To 30 Per Cent Salary Hike In 2023
Korn Ferry, a management consulting firm from California conducted a survey covering 818 organisations where over 800,000 employees work. The survey is conducted at a time when companies in 2023 focus on retaining their critical talent through their compensation plans, talent management initiatives and more.
As part of the findings, Korn Ferry revealed that Indian employees can expect to get a pay hike between 15 to 30 per cent in 2023. This is touted to be the biggest pay hike in Asia. While the workforce pay in India may rise by 9.8 per cent on average in 2023, that of China is 5.5 per cent, Indonesia is 7 per cent, Australia is 3.5 per cent, Singapore is 4 per cent, Thailand is 5 per cent, Vietnam is 8 per cent, New Zealand is 3.8 per cent, Malaysia is 5 per cent and Korea is 4.5 per cent.
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People In Tier 2 Cities To Also Enjoy Great Pay Hikes Like Those In Tier 1
Indian employees in life sciences, healthcare and high-tech industries can expect to take home the biggest pay hikes, even more than 10 per cent. India is undoubtedly one of the fastest-growing economies in the world with a young population. So, by offering competitive pay to their employees, Indian companies focus on retaining their top-performing employees, especially those in top management.
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Apart from Indian employees in Tier I enjoying higher salaries in India, those in Tier 2 cities like Pune and Ahmedabad are also getting the same. This could be thanks to the hybrid working models which companies have adapted to post the COVID-19 pandemic.
So, Indian employees are you looking forward to getting attractive pay hikes this year? How do you plan on celebrating your promotions? Let us know!
Cover Image Courtesy: Canva