Expected salary increase of 9.5% in India: AON
By: Geetanjali
Survey published by Aon plc which is a professional service and management consulting firm, forecasts an average 9.5% increase in the salaries across India.
The estimated average salary raise (9.5%) for the financial year 2024 is lower than previous years, with an average increase in the salaries by 9.7% in 2023. As per the data collected across 45 industries from 1414 companies Aon states in its survey that the changes in the salaries across India have stabilised post-pandemic. As the attrition level has fallen down from a decade high of 21% in 2021-22 to 18.7% in 2023.
In accordance with the annual survey published by the Aon plc Multinational companies are expected to give a hike of 9.8% to their employees. There is good news for the employees from the manufacturing sector as a speculated increase of 10.1% is forecasted for the manufacturing sector, which is the highest among all.
Even startups would be more generous than some of the well established IT firms with an estimated hike of 8.5% on average while the product firms could hand out a raise of 9.5%. Whereas service firms might offer a hike of 8.2%, financial firms are estimated to give out a hike of 9.9%.
Jang Bahadur director for talent solutions at the Aon India said, “ organisations were tackling the post-pandemic recovery, amid that they managed to balance average salary raise in 2023, now in 2024 companies are focusing towards creating amore supporting work environment for employees to enhance employee engagement.
Estimated salary hikes:
| Industry | Hike Percentage |
| Product Firms | 9.5% |
| Startups | 8.5% |
| Financial Institutions | 9.9% |
| Manufacturing Sector | 10.1% |
| Service Firms | 8.2% |
| Multinational Companies (MNC’s) | 9.8% |
