According to a survey by AON, people working in banks, engineering, car companies, and health science fields can expect the biggest pay raises this year.
According to Aon’s Annual Salary Increase and Turnover Survey for India in 2023-24, employees might get a 9.5% salary boost in 2024. This is a slight drop from the 9.7% increase seen in 2023. Despite this small decrease, the survey highlights that India continues to offer the biggest salary raises compared to other major economies in the Asia-Pacific region.
The predictions are based on data from 1,414 companies across about 45 different industries.
What’s Your Salary Increase Going to Be in 2024?
According to the survey, salary raises in India have settled into a steady pattern of high single-digit percentages after the big increases seen in 2022 following the pandemic. With inflation expected to decrease in 2024, your take-home pay might grow more than it did in 2023.
The survey also points out that people working in banks, engineering, car companies, and health sciences can expect the largest salary hikes. On the other hand, those in retail, tech consulting, and service sectors might see smaller increases.
Which Industry Will Get the Biggest Salary Increases?
In 2024, the manufacturing industry is set to lead with an expected 10.1% salary increase. Close behind are the life sciences and financial services sectors, both predicted to see a 9.9% rise in salaries. Global Capability Centers are also doing well, with a 9.8% increase expected.
Aon’s 2024 Salary Forecast: Expected Pay Rises by Sector
- Tech Platforms and Products: 9.5%
- Global Capability Centers: 9.8%
- Tech Consulting and Services: 8.2%
- Banks and Financial Services: 9.9%
- Consumer Goods/Durables: 9.6%
- Manufacturing: 10.1%
- Life Sciences: 9.9%
- Chemicals: 9.7%
- Retail: 8.4%
- Professional Services: 9.7%
- E-commerce: 9.2%
Roopank Chaudhary, a partner at Aon in India, mentioned, “The expected salary increases in India’s formal sector show a well-thought-out adjustment to the changing economic conditions. Despite cautious views globally, sectors like infrastructure and manufacturing are predicted to grow strongly, showing the importance of investing in specific areas.”