As soon as the month of March comes, there is a discussion of salary hike among the employees in the companies. But do you know that Indians are going to get the highest salary hike this year in the entire Asia-Pacific region. read this report
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March is the last month of the financial year in India. With this, appraisal in most offices (Appraisal Month) The cycle starts and the gossip of salary hike among the employees. Salary hike in many countries of Asia-Pacific region in 2023 (Salary hike) A survey has been done regarding the expectation, according to which the average salary in India is going to increase the most.
Global Solution Provider for Consultancy, Broking etc. WTW In its Salary Budget Planning Survey (Salary Budget Planning Survey) In countries like China, Vietnam, Indonesia, Hong Kong and Singapore, the average salary is expected to increase.
highest salary hike in india
It has been said in the survey that in 2023, the average salary of people in India is expected to increase by 10 percent. In the year 2022, this average was 9.8 percent. This increase in salary is the highest in the entire Asia-Pacific region.
The average salary hike in the year 2019 was 9.9 percent. Due to COVID-19, it came down to 7.5 percent in 2020. Later in 2021, the average salary hike of the people was 8.5 percent and in 2022 it again came back on track.
This is the condition of China, Singapore, Hong Kong
If we look at other countries of Asia-Pacific, Vietnam will see the highest salary hike after India. The average salary of people in Vietnam is expected to increase by 8 percent in 2023. On the other hand, salary growth can be 7 percent in Indonesia, 6 percent in China, 4 percent in Hong Kong and Singapore.
There will be tremendous hike in this sector
WTW India Rajul Mathur, Consulting Leader, Work and Rewards, says that this year companies will focus on salary hikes due to retention of employees and increase in business opportunities.
It has been said in the survey that this year financial services, tech media and gaming, pharmaceuticals and biotechnology, chemicals and retail sectors are the jobs where good salary growth is expected.