Employees in India seem to have a reason to cheer despite the prevailing economic uncertainties, as they could get pay hikes of as much as 20 per cent this year, as per two different salary surveys released today.
As per the annual India Salary Increase Survey by global HR consultancy major Aon Hewitt, the employees at companies in India this year would get an average pay hike of 11.9 per cent -- the highest in the Asia-Pacific region. Another survey by job portal Naukri.com pegged the salary increases for this year even higher at up to 20 per cent.
Based on a survey of over 1,000 recruiters, the report noted that about 32 per cent respondents felt that hikes would be between 10-15 per cent. "... 31 per cent said increments will be within the range of 15-20 per cent," it noted. However, 15 per cent of recruiters said that the increments could be less than five per cent.Naukri survey also found that the hiring trends would remain robust in the coming months and as much as 72 per cent of the employers are planning to hire new staff. Aon Hewitt also pegged the pay hikes at above 12 per cent for the junior and middle management level employees. Salaries for critical talent are projected to increase the most by 15.1 per cent this year, as India Inc is concentrating efforts on identifying top talent and rewarding them accordingly, Aon Hewitt said.
In terms of sectors, pharmaceutical space would the highest hike of 13.3 per cent, followed by engineering design/services projects at 13 per cent. However, the telecom and Financial Institutions are projected to see lowest salary increases for 2012 at 11 per cent and 10 per cent, respectively, thus pulling down the overall average to 11.9 per cent.
Source : The Times of India