Salaries

Despite troubles, salaries in India may increase by 10.3% in 2023: Survey

Salaries in India are expected to increase by 10.3 per cent in 2023, highest among major world economies and Asian peers, according to Aon plc. In 2022, salaries in India witnessed an actual increase of 10.6 per cent in 2022. As per Aon plc's 28th Annual Salary Increase Survey in India, double-digit salary growth will continue in India despite economic volatility, largely as a response to high attrition rates. At 21.4 per cent, the attrition rate in India for 2022 remained high a consequence of an ever-changing talent strategy and the ongoing gap between supply and demand of talent. "With back-to-back double-digit increments, India Inc continues to be bullish on talent despite fears of global macro-economic uncertainty. "Organisations are increasingly prioritizing their spends towards top performances, key talent and high potential talent," said Pritish Gandhi, Aon Director & India Practice Leader, Executive Compensation & Governance. The study, that analyzed data across ...

India Inc likely to see 9.8% hike in salary in 2023, finds survey

The survey that covered 818 organisations with more than 800,000 incumbents noted that salaries are set to increase by 9.8 per cent in India in 2023

'Salary in certain sectors to reach pre-pandemic level by fiscal-end'

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 .

BS Number Wise: Old scheme puts burden of employee pension on the states

Some governments are seeking short-term benefits to finance their bills, risking their financial security

SpiceJet delays salaries 2nd month in a row, payments in 'graded format'

SpiceJet employees on Wednesday alleged delay in the disbursal of salaries for the second straight month, with the budget airline saying the payments were being made in a "graded format". There was a delay in disbursal of salary for staff, including flight crew, for the month of July and many are yet to get the Form 16 for the financial year 2021-22 as well, SpiceJet employees claimed. "The salary disbursal was timely for June. Also, the salaries are yet to match the pre-COVID-19 levels. The salaries being disbursed to captains and first officers are not even 50 per cent of what they used to be before the pandemic outbreak in March 2020," an employee told PTI. However, SpiceJet claimed it has started salary disbursal in a "graded format". "We have started crediting salaries from today. Like the previous month, salary will be credited in a graded format," the airline said in a statement to PTI. In an internal communication Wednesday, the SpiceJet's Human Resources team informed ...

Air India to restore staff salaries to pre-Covid level from Sept 1

Air India will restore salaries that were cut in the wake of the coronavirus pandemic from September 1, according to a communication. The loss-making airline, which was taken over by Tatas in January this year, has also decided to revise crew layover allowances and meal arrangements from September 1. In the communication to the employees, Air India CEO and Managing Director Campbell Wilson said the airline "will be restoring the salary reduction for all employees with effect from September 1, 2022". While the airline has much to do to return to profitability, "sunsetting most of the COVID measures is an important and welcome milestone", he said. The coronavirus pandemic had significantly impacted the airline industry, and the operators had resorted to cost-cutting measures, including salary reductions, to manage their financials.

Workplace recognition, not salary tops job seekers' mind in India

When it comes to job search, employees are no longer fixated on the take-home amount and look beyond monetary payouts, according to a report

Number wise: Hike in MLA salaries outstripped growth in common man's income

Delhi lawmakers just gave themselves a salary hike, joining counterparts in widening the gap with their voters' income

IndiGo says in constant dialogue with employees to take care of grievances

The airline's statement comes after a sizeable number of the airline's aircraft maintenance technicians went on sick leave to protest against their low salaries and demand restoration of salaries

Earning Rs 25,000 monthly puts one in India's top 10%: Inequality report

Salaried employees who file income taxes are relatively better off, says study that recommends an urban employment scheme.

IT companies may not follow HCL Technologies on freshers' salary

Though HCL Tech has bit the bullet, industry majors, which too are battling high attrition, have not given any such signal, so far.

Salary increments in India to touch 5-yr high of 9.9% in 2022: Aon survey

According to leading global professional services firm Aon's 26th Salary Increase Survey in India, organizations across industries project a 9.9% salary increase in 2022, compared to 9.3% in 2021

Budget 2022: Tax rebates in Budget for realty vital for salaried class

Currently, one-third of India's population reside in cities and it is estimated to go up to 50% by 2030

Delhi govt gave Rs 293 cr to NDMC in advance for salaries: Satyendar Jain

Urban Development Minister Satyendar Jain on Friday said that the Delhi government has given Rs 293 crore in advance to the (NDMC) to give salaries to its employees.Addressing a press conference here, the minister said the government had released the funds as NDMC was facing a problem in paying salaries to its employees."Delhi government has given an advance payment of Rs 293 crores to North Delhi Municipal Corporation (NDMC) to disburse salary of its employees at the earliest. We hope that the North Corporation pays the pending salaries of its employees as soon as possible. We have given them an advance for the next instalment which is not due yet," said Satyendar Jain.Commenting on central ministers using "bad words" to refer to farmers, Jain said it was "unfortunate and shameful".On the alleged attack on Delhi BJP president Adesh Gupta''s house, he said, "It is being rumoured that people from the Aam Aadmi Party (AAP) attacked his house. However, firstly, it is important to know ..

Delhi govt gave Rs 293 cr to North MCD to help disburse salaries: Jain

Urban Development Minister Satyendar Jain on Friday said the Delhi government has given Rs 293 crore in advance to North Delhi Municipal Corporation

India to see higher salaries as firms look beyond coronavirus hit

Paychecks could rise about 8% in the financial year starting April 2022, especially if authorities avert a third wave of the virus

Mumbai Covid-19 centre employees allege dues not paid; approach police

Twelve contractual employees of a Covid-19 care centre here have complained to the Mumbai police against their placement agency for allegedly not paying their salaries since the last three months

Investment bankers set to take home hefty bonuses on record fundraising

Industry players estimate the average payouts to be in the range of 50-75 per cent of the bankers' annual salaries. For the top performers, the bonuses could be 100-125 per cent

India set to see a median increase in salaries of 7% in 2021: Survey

Pharma, tech and consumer products to see highest sectoral increases

India to see marginal hike in average salary to 6.4% in 2021: Survey

Salaries in India are projected to rise by an average of 6.4 per cent in 2021, marginally higher than the average actual increase of 5.9 per cent in 2020, according to a Willis Towers Watson survey. According to Willis Towers Watson's latest Salary Budget Planning Survey report, an average salary increase of 6.4 per cent in 2021 translates to a median increase of 7 per cent. "As companies in India respond to the economic implications of the COVID-19 crisis, there is an increased optimism on business recovery, but it is yet to translate into the salary increment budget," said Rajul Mathur, Consulting Head Talent & Rewards, Willis Towers Watson India. Mathur further said that with compensation budgets lower than previous years, companies are likely to prioritise allocation towards protecting critical and high skilled talent. "Through 2021, we can continue to expect greater emphasis on pay for performance and pay linked to business output," Mathur said. As per the survey, on ...