India expects 9.3% pay hikes in 2022: Report

October 20, 2021 16:27

Higher salaries in India are making a comeback with a 9.3 per cent hike being expected in 2022, from 8 per cent in 2021.

Companies are planning to give employees larger raises as they face mounting challenges of attracting and retaining employees.

Salaries are projected to see a median salary increase of 9.3 per cent next year compared to the actual median salary increase of 8 per cent in 2021, according to the 'Salary Budget Planning Report' by global advisory, broking and solutions company Willis Towers Watson.

India's projected salary increase is the highest in Asia-Pacific for the next year as optimism returns over improved business outlook in the next 12 months, the report added.

The Salary Budget Planning Report is a bi-annual survey conducted online between May and June 2021, with 1,405 companies across sections of industries from 13 markets in Asia-Pacific, including 435 companies in India.

The report further showed that a majority (52.2 per cent) of companies in India have projected a positive business revenue outlook for the next 12 months, up from 37 per cent in the fourth quarter of 2020, which point towards a much-anticipated economic recovery.

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