A survey by Global Human resource consultancy has shown that employees working in private companies are expected to get a better pay hike in 2021 as compared to 2020. 87 percent of companies plan to hike salaries in 2021 as compared to 71 percent this year as India bets on a speedy recovery. And among those companies who intend to hike salaries, more than 60 percent of companies can offer a hike from 5 to 10 percent.
The latest salary trend survey in India is given by Aon, which has analyzed data from more than 1,050 companies from more than 20 industries.
The average salary hike this year was around 6 percent, the lowest in past 14 years. More than two-thirds of companies plan to provide either high or similar increments. The average projected hike in next year is a little over 7 percent.
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“Despite the gravity of the Covid 19 pandemic in India and its deep impact on the economy, organizations in India have shown tremendous resilience and mature view on talent”, said Nitin Sethi, a partner at Aon and CEO of the firms' performance and rewards solution practice in India.
“Business and HR leaders made hard decisions in the second and third quarters of 2020 and are now betting on the green shoots of improving consumer demand. They see the need to invest in talent as a critical part of their recovery and growth prospects,” Sethi added