Employees in India may get a 10 percent hike in salaries in 2019, a latest survey said. Willis Towers Watson, a London-headquartered risk management firm found that the average salary across sectors might rise in India – the highest among major Asia-Pacific economies.
Hike in Indonesia is estimated at 8.3 percent. In China it may remain at 6.9 percent, followed by The Philippines at 6 percent, Hong Kong and Singapore both at 4 percent.
On the other hand, India is expecting a 10 percent average hike in 2019 and is at par with the actual rate of increase in the previous three calendar years in India, it said.
Consumer products, retail sector, high tech, and chemical industries will witness a 10 percent rise whereas professionals working in pharmaceuticals may receive better salary hikes in the coming season at 10.3 percent.
Sambhav Rakyan, data services practice leader of Asia-Pacific, Willis Towers Watson, said, “India continues to show high salary increments compared to other countries in the region and this can be attributed to the steady economic growth, progressive reforms, and cautious optimism across sectors.”
The Salary Budget Planning Report revealed that pay hikes in MNCs belong to KPO/BPO operations are most likely to raise the average salary at a higher rate than other industries. MNCs will also get the benefit from the weakening of Dollar and local companies will see the adverse effect.
The report also revealed that technically skilled employees in engineering, IT and marketing will get the most benefit in the next 12 months. For management-level executives, the average salary hike is expected to be 9.8 percent while mid-management and production or manual labor may get a 10 percent raise.
However, variable pay may come down moderately as 63 percent of respondents did not project a positive business outlook during the next 12 months.