According to EY’s “Future of Pay 2024” report, India Inc is expected to witness an average salary hike of 9.6% in 2024, slightly lower than the previous year’s 10.4%. Notable sectors like e-commerce, financial services, and professional services are anticipated to see the highest salary increments. The report also notes a projected decrease in variable pay percentages across all employee levels, except the lowest-paid tier. While attrition rates have cooled down to near pre-pandemic levels, they remain higher than historical norms, with the top reasons being compensation inequity, limited growth opportunities, and performance assessment.
EY Report Forecasts India Inc’s Salary Hike at 9.6% for 2024
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