Indian Employees Are Set For Asia’s Biggest Pay Increases This Year
According to a report by Korn Ferry, Indian workers will get the largest pay rises in Asia this year, with top talent earning up to 15%–30% more.
According to a report by the consultancy company, average income in the South Asian country will rise by 9.8% in 2023 following a 9.4% gain the previous year. With increases of more than 10%, the high-tech sector, life sciences, and healthcare are leading the pack.
One of the biggest economies in the world with the quickest growth is India. With millions of people joining the workforce each year, it is also one of the most populous, yet education inequalities make the competition for talent fierce even while the national unemployment rate remains high.
According to a survey by Korn Ferry of 818 Indian enterprises with a total workforce of more than 800,000 employees, 61% of businesses provide important employees retention bonuses.
India’s 9.8% increase compares to 3.5% in Australia, 5.5% in China, 3.6% in Hong Kong, 7% in Indonesia, 4.5% in Korea, 5.5% in Malaysia, 3.8% in New Zealand, 5.5% in the Philippines, 4% in Singapore, 5% in Thailand, and 8% in Vietnam. 60% of the employers asked workers to use a mixed work arrangement.
Although workers in Tier 1 cities, or major metropolitan areas, continue to earn more money, there is a trend for businesses to become “location agnostic” as hybrid and remote working become more common, the survey found.
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