Salary Hike 2024: The season of salary hike has come for lakhs of employees working in private companies of various sectors. The process of filling appraisal forms will start in all corporate and private limited institutions by the end of March 31, 2024. This is the process by which efforts are made to improve the progress of the employees of the organization and to remove their salary discrepancies. After working hard throughout the year, many employees get a salary increase of a few percent, while some employees are also promoted according to their experience and contribution. In most areas of the private sector, the salary of employees also increases and decreases according to the market trend. That is, if there is an economic recession in a country, then the salary increase there is negligible and if the economic progress is happening rapidly, then the employees also get the benefit in the form of salary increase. Surveys have also come out regarding by how much percent the average salary of employees in India may increase this year.
According to the recent Aon survey for the annual salary increase and turnover survey 2023-24 in India regarding salary increase, the salary of employees may increase at an average rate of 9.5% in this year 2024. In this survey, the average salary increase in 2023 was said to be 9.7 percent, which was higher than this year. This survey has been done in the context of Asia Pacific countries. It has also been told in this survey that the salary of the employees of which sector will increase the most. According to the report, the conclusion has been drawn by analyzing the data of 1414 companies from about 45 industries.
How much will the salary increase in 2024:
It is believed that the way India has kept its economy strong after the Corona epidemic from 2022, salary growth will remain in maximum single digits. Inflation is predicted to be lower in 2024 than last year.
If we talk about the institutions with the highest salary increase fieldwise, the sectors related to financial institutions, engineering, automobile and life sciences will see the highest salary increase. At the same time, salaries are expected to increase at a slow pace in retail, technology consulting and services. Talking about the manufacturing sector, the salaries of the employees here will increase at an average rate of 10.1%. After this, the average salary increase in life sciences and financial institutions will increase by 9.9%.
As per Aon Serve, fieldwise salary increase:
Technology Platform and Products 9.5%
Global Competence Center 9.8%
Technology Consulting and Services 8.2%
Financial Institutions 9.9%
Fast Moving Consumer Goods / Fast Moving Consumer Durables 9.6%
Manufacturing 10.1%
Life Sciences 9.9%
chemicals 9.7%
Retail 8.4%
Professional Services 9.7%
E-commerce 9.2%
Gift of 4 percent DA increase to central employees:
Recently the Central Government has announced to increase DA of all employees by 4 percent. After this announcement by the government, the salaries of central employees and employees of all government banks will increase. According to our partner Live Mint, according to the 4 percent DA increase, the salary of PSU bank employees will now increase by about 17 percent. This salary increase for bank employees will be applicable from November 1, 2022. That means they will also get huge amount as arrears.
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