Companies in the country can increase the salary of employees by 10.4 percent in the year 2023 amid the expectation of strong performance in their business.
Companies in the country can increase the salary of employees by 10.4 percent in the year 2023.
Companies in the country can increase the salary of employees by 10.4 percent in the year 2023 amid the expectation of strong performance in their business. According to the latest survey of wage growth in India by global professional services company AON Plc, salaries are expected to increase by 10.4 percent during 2023. This figure is higher than the estimate of 9.9 percent increase in February salaries. At the same time, there was an increase of 10.6 percent in salaries during 2022.
According to the survey, the rate of leaving the job increased
Under the study, data of 1,300 companies from more than 40 industries in the country has been analyzed. It said that the job loss rate in the first half of 2022 has been as high as 20.3 per cent. According to this, therefore there is pressure on companies to increase the salary. This rate is less than 21 percent in the year 2021. According to the survey, this trend is likely to continue for the next few months.
R Choudhary, Human Capital Solutions Partner, Aon in India, said that despite global challenges and high domestic inflation, India’s projected wage growth in 2023 will be in double digits.
Apart from this, let us tell you that the central employees can get great news soon. It has been said in media reports that the government can take a decision on increasing the fitment factor. At the end of September, the government can take a decision on this. If the fitment factor increases, then the salary of government employees will increase. Before the festivals, the government can take a big decision on this because the festivals will start across the country from October. Before that, by the end of September, the government can increase the fitment factor. If this decision is taken, then in October, government employees will get the benefit of increased salary.
Due to the increase in fitment factor, the minimum wage of the employees will increase from Rs 18 thousand to Rs 26 thousand. In this way, if every month there is an increase of 8 thousand rupees, then 96 thousand rupees will be deposited in the account in a year. This would be a substantial amount for any government employee. Central employees are currently given salary at the rate of 2.57 percent under the fitment factor. The government can increase it to 3.68 percent.
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