Salaries in India are projected to rise by an average of 6.4% in 2021. According to latest Salary Budget Planning Survey report by Willis Towers Watson, salaries in India are likely to rise by an average of 6.4% this year.
This rise is marginally higher than the average actual increase of 5.9% in 2020.
The report looks across various sectors and is designed to provide companies with guidance for their annual salary forecasting for the year ahead.
In India, among the surveyed companies, 37% have projected a positive business revenue outlook for the next 12 months. This is a rise from 18% in Q3 2020.
Rajul Mathur, Consulting Head Talent & Rewards, Willis Towers Watson India commented, As companies in India respond to the economic implications of the COVID-19 crisis, there is an increased optimism on business recovery, but it is yet to translate into the salary increment budget.” He further added that throughout 2021, companies are likely to prioritize allocation towards protecting critical and high skilled talent with compensation budgets lower than previous years.
On average, 20.6% of the salary increase budget is being allocated to top performers, as per the survey. This represents 10.3% of the employees in India.
High Tech, Pharmaceuticals and Consumer Products & Retail project a median salary increase around 8%, which is more than the General Industry projection while Financial Services and Manufacturing sector and BPO projects a 7% and 6% rise in 2021, respectively.
Source :- msn.com