Employee costs surge over 12% to a record Rs 10.8 trillion in FY22

IT sector accounts for nearly 54% of total employee costs

Employee costs of the Nifty 500 companies surged more than 12 per cent year-on-year (YoY) to a record Rs 10.8 trillion during the financial year 2021-22 (FY22). This was the first time that the figure crossed the Rs 10-trillion mark.

All the sectors witnessed an increase, with non-banking financial companies (NBFCs) and information technology (IT) firms witnessing the fastest growth -- at 23 per cent and 19 per cent, respectively.  The Nifty 500 firms account for nearly 90 per cent of the country’s total market capitalisation.

“After logging single-digit growth in 2020 and 2021, employee cost of the Nifty 500