MUMBAI: As the economy continues to falter, salaries in India are projected to rise 10 per cent in 2020, says a report.
In 2019, the effective wage increase was 9.9 per cent which is projected to touch 10 per cent next year. While salary increases are stabilising around the 10 per cent mark, they remain the highest in the Asia Pacific region, according to the Salary Budget Planning report released by Willis Towers Watson.
Indonesia is projected at 8 per cent, China at 6.5 per cent, Philippines at 6 per cent, Hong Kong and Singapore both at 4 per cent.
“Though salary increases in India continue to be among the highest in the region, companies are taking a cautious approach and do not intend to make any significant changes from previous years,” Willis Towers Watson India consulting leader (talent & rewards), Rajul Mathur, said.
Companies are beginning to make selective skill-based compensation adjustments to cater to requirements around
automation and digitisation, he said.
It looks at a range of industry sectors and job grades, focusing on salary movement and review practices to assist companies with their compensation planning.
The survey said the median salary increase at the executive level for 2020 is projected at 10.1 per cent, an increase from 9.6 per cent in the previous year.
For middle management, professional and support staff, an increase from 10.1 per cent in 2019 to 10.4 per cent in 2020 is projected.
The employee group of production manual labour is also projected to receive a higher salary increase of 10.3 per cent as compared to 10 per cent last year. (AGENCIES)
Follow our WhatsApp channel