Indian employees are set for Asia's biggest pay increases this year, with top talent earning as much as 15%-30% more, according to a survey by Korn Ferry.
On average, pay in the South Asian nation will increase by 9.8% in 2023 after a 9.4% bump last year, the consulting firm said in a report. High-tech industries, life sciences and healthcare lead the pack with jumps of more than 10%.
India is one of the world's fastest-growing major economies. While it is also one of the most populous - with millions entering the workforce each year - gaps in education make the fight for talent acute even as the overall unemployment rate stays high.
More Findings:
Korn Ferry, which surveyed 818 companies in India employing more than a combined 800,000 staff, found 61% of organizations are providing retention payments to key individuals.
The 9.8% rise for India compares with 3.5% in Australia, 5.5% China, 3.6% Hong Kong, 7% Indonesia, 4.5% Korea, 5% Malaysia, 3.8% New Zealand, 5.5% Philippines, 4% Singapore, 5% Thailand, 8% Vietnam
60% companies asked employees to follow a hybrid model of work.
While employees in major metropolitan centers, known as Tier 1 cities, still receive higher compensation, there is a pattern for firms to become "location agnostic" as hybrid and remote working becomes the norm, the survey found.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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