Salary Hike

Average salary hikes in India will be lower in 2023 compared to 2022, says EY's 'Future of Pay 2023' report. E-commerce, professional services and IT to the biggest hikes

China is projected to see a salary hike of 6%, Vietnam at 8%, Indonesia at 7%, Hong Kong at 4% and Singapore at 4% in 2023

The employees had demanded interim relief of a 40 per cent increase in basic salary and revision of salaries as per the 7th Pay Commission

The highest salary hikes are expected in the high-tech industry in 2023, followed by the Software Service Outsourcing (SSO) industry

Of the 1,400 companies surveyed across 40 industries, 46% of organisations are expected to give double-digit salary increases in 2023

However, 70 per cent, or 10,500 employees, below the level of a manager, will receive an increment this cycle

Full service carrier Vistara will hike salaries of its pilots and cabin crew by up to 8 per cent from April amid deployment of higher capacities to meet rising travel demand, according to a source. The source also claimed that some 30 pilots have quit the airline in the last six months and are serving notice period after getting job offers mainly from the Gulf carriers. On Thursday, a senior Vistara official confirmed the salary hike for the pilots and cabin crew but denied that 30 pilots have left the airline. The official also said the salary hike decision is part of the annual appraisal exercise and not triggered by any other development, adding that some pilots changed their decision to quit in view of the long-term opportunities at the airline, which is to be merged with Air India. The official did not provide any specific details about the number of pilots who quit or are serving the mandatory six-month notice period. Queries sent to Vistara remained unanswered. "Vistara

In the upcoming year, the salary hikes are less likely to be dependent upon seniority

Senior executives in India are expected to receive an average 9.1 per cent increase in their salaries this year, up from 8.9 per cent in 2022. According to leading global professional services firm Aon plc, the average CEO compensation was Rs 8.4 crore, and it has increased 21 per cent in the last four years, as there is an emphasis on rewarding executives for the value they bring to the organisation. According to Aon's latest Executive Rewards Survey in India, for board and senior managerial positions, one in three organisations are focusing on improving diversity levels. Boards are also embedding environmental, social and governance (ESG) factors, diversity and succession metrics in the long-term and short-term goals for CEOs and executive leaders. Aon's 12th annual study, analysed data across 519 companies from more than 25 industries. "Senior executives' salary increases continue to focus on pay at risk, indicating the emphasis on rewarding executives for the value they bring

The average salary hike on new jobs has fallen from 54 per cent in July and August to 45 per cent in September and 37 per cent in October

Overall salary increases in the US will be above 4.2% this year

Cognizant Technology Solutions has introduced a one-time, 'two merit cycles' for calendar year 2022 (CY22) for its employees to arrest attrition

The worst-hit region is likely to be Europe, where real salaries - nominal wage growth minus the rate of inflation - are seen being driven down an average 1.5 per cent

Days after SpiceJet announced a salary hike for its pilots, a section of captains and first officers of the airline has expressed apprehension about the implementation of the revised remuneration citing terms and conditions. In a communication to pilots on October 19, SpiceJet said effective November 1, 2022, its captains' salaries will increase to Rs 7 lakh for 80 hours of monthly flying and Rs 6.13 lakh for 70 hours from the current Rs 4.5 lakh-level which was made effective from October 1, 2022. Accordingly, salaries of trainers and senior first officers have also been increased commensurately, the Gurugram-headquartered airline said. The trainers comprise Designated Examiner (DE), Type Ratings Instructor (TRI) and Line Training Captain (LTC). However, a section of pilots alleged that the airline has announced a hike in their remunerations while they are yet to get salaries at par with pre-COVID levels, a claim denied by SpiceJet. On an average, a captain is currently getting .

The crazy salary hikes and bonuses with attrition hitting the roof is finally tempering down for the Indian IT services sector. Read more in our top headlines

FY24 hikes will stay at lower levels than the spike seen in FY22 and 23

According to members of nomination and pay committees of several blue-chip corporations, there is a growing trend of linking CEO salaries to results and performance

Salary level in certain sectors are expected to be restored to the pre-pandemic mark by the end of this financial year aided by the recovery in economic activities, according to TeamLease HRTech CEO Sumit Sabharwal said. Hit by the pandemic, organisations across sectors resorted to pay cuts and layoffs to reduce their labour costs, Sabharwal told PTI. "After analysis of data from our client base, we found that the workers in the formal sector witnessed a 3.6 per cent wage cut while informal workers experienced a much sharper fall at 22.6 per cent. The pandemic has shown us the importance of the format sector in the economy," he noted. He said, as normalcy returned and the economy gradually recovered companies began giving increments that helped in narrowing the salary gap to the 2019 level. However, there is still a little gap of around 7-14 per cent from the 2019 wage level in certain sectors. "We expect the recovery to reach the 2019 level by the end of this financial year," he .

Study also found actual hikes in 2022 were 10.6% as against its previous projections of 9.9% in Feb 2022, the highest since 2012

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