Bad news for employees who have been waiting for a pay hike, this year may get a bump

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Salary Increment News: Employees may face disappointment regarding salary increment this year. According to a report by Aeon Plc, this salary increase will be slightly lower this year than last year. According to the survey, employee salaries are expected to increase by 9.5 percent this year, compared to a 9.7 percent increase in 2023.

More increments to top employees

It is claimed that top employees get 1.74 times more increments than other employees. Employees are expected to get higher salaries this year due to lower inflation and lower average salary increments. According to the survey, employees will get 4.9 percent more increment after adjusting for inflation. Which is much higher than 4.2 percent in 2023. Also in terms of post-Covid increments, financial institutions, engineering, automotive and life sciences are likely to see the highest salary hikes. While the retail, technology, advisory and service sectors are expected to see the lowest salary increases.

More increment will be available in this sector

According to the survey, this year employees can get an average salary hike of 11.1 percent in NBFCs, 10.1 percent in manufacturing companies, 9.9 percent in life sciences and financial institutions, 9.8 percent in global capital centers, e-commerce and 9.2 percent. IT Services. 8.2 percent is likely to increase. The survey analyzed data from 1414 companies across 45 industries. In which the highest salary increase is happening in India. Salaries increased in Bangladesh with 7.3 percent and Indonesia with 6.5 percent.

Global recession has affected

The global recession has affected several sectors and is causing companies to lay off. The survey claims that the attrition rate has dropped from 21.4 percent in 2022 to 18.7 percent in 2023. In the future, the impact of artificial intelligence on jobs and salary increase will also be clearly seen in this survey. It has been claimed that India is at the forefront in terms of new technology.

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