Indian employees likely to see bigger salary hike in 2023, says report

Salaried employees in India might get a bigger pay hike in 2023, with companies budgeting for an overall median increase of about 10 per cent. This translates to an average salary hike of 9.8 per cent in 2023, as compared to the actual 9.5 per cent payout in 2022.

According to a report published in the Economic Times, the Willis Towers Watson Salary Budget Planning Report stated that the higher projected salary budget has been influenced by inflation and concerns over tighter labour market.

Some of the sectors which have been included in the survey are- financial services, banking, and technology, media and gaming. These sectors are expected to report the highest salary increase at 10.4 per cent, 10.2 per cent and 10 per cent.