In the year 2023, the salary of people working in the corporate sector is estimated to increase by an average of 10 percent. On one hand inflation has increased and on the other hand the corporate world is also facing labor shortage. Due to which an average salary increase of 10 percent has been estimated. According to global advisory firm WTW, financial services, banking, technology, media and gaming companies are expected to see the highest salary hikes with an average salary increase of 9.8 per cent.
WTW has released the Salary Budget Planning Report, which states that the salary budget of companies for employees is going to increase in 2023 due to lack of labor and spurt in inflation rate. According to the report, companies are running with an average salary increase of 9.8 percent in 2023. Let us tell you that in 2022 there was an average salary hike of 9.5 percent.
Companies that are very positive about their outlook are reviewing their salary budgets after two years of corona pandemic. According to the report, 58 percent of the employers in India have made more budget provision for wage hike in 2023 than in 2022. 24.4 per cent have not made any changes in the budget and only 5.4 per cent have reduced the salary budget.
According to the report, India will have the highest salary hike in the corporate world in the entire Asia Pacific region. 6 percent in China, 4 percent in Hong Kong and 4 percent in Singapore is also estimated.