India inc witnesses 10% salary hike in FY24: Report

The Naukri.com survey garnered responses from over 200,000 employees, of which 56% stated that their companies followed the April-March appraisal cycle

June 30, 2023

At least 60% of employees received double-digit increments

The healthcare and real estate sectors followed closely in terms of the percentage of employees receiving increments

Sectors such as manufacturing, education, retail, and hospitality demonstrated positive trends, with a majority of employees receiving double-digit increments

In terms of variable and bonus payouts, the majority of employees reported either better or comparable payouts compared to the previous year

India Inc employees have experienced an average pay hike of over 10% this year, as per a survey conducted by Naukri.com. The survey reveals that at least 60% of employees received double-digit increments, with a small percentage at the entry-level receiving hikes of 20-25% for exceptional performance.

The banking, financial services, and insurance (BFSI) sector, along with manufacturing, saw the largest proportion of employees receiving April-March appraisals, with increments ranging from 10% to 20% for the majority. The healthcare and real estate sectors followed closely in terms of the percentage of employees receiving increments.

Sectors such as manufacturing, education, retail, FMCG, and hospitality demonstrated positive trends, with a majority of employees receiving double-digit increments. On the other hand, specific sectors like IT and business process management showed more modest hikes, with most employees receiving single-digit increments.

The Naukri.com survey garnered responses from over 200,000 employees. Experts stated that this year’s appraisal wave reflects optimism and highlights the resilience of the Indian white-collar job market in the face of uncertainties.

Source: Economic Times

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