Salaries in India to increase by 10.3% average in 2023: Report

This increase is projected to happen despite economic volatility

February 24, 2023

The projected increase continues to be in the double digits despite concerns about economic volatility, due to attrition rates

The attrition rate in India stood at 21.4% last year

The hike in salaries ranged from a high of 12.2% for employees in the e-commerce

Salary hikes for employees stood at 9.7% in retail and 9.6% in other services

Salaries in India are projected to increase by an average of 10.3% in the current calendar year, despite the economic volatility, according to a report by global professional services firm Aon plc. 

According to the report, the projected increase continues to be in the double digits despite concerns about economic volatility, as a result of attrition rates. The attrition rate in India stood at 21.4% last year.

The study, which analyzed 1,400 companies from over 40 industries, revealed that the hike in salaries ranged from a high of 12.2% for employees in the e-commerce sector to 9.7% in retail and 9.6% in other services.

Source: Times of India

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