Indian workforce to get average salary hike of 10.4% in 2023

Story by  ATV | Posted by  Nakul Shivani • 1 Years ago
Representational Image
Representational Image


New Delhi

Despite global macroeconomic conditions and rising inflation, salaries in India are likely to increase by 10.4 per cent on average in 2023.

This is 0.2 per cent lower in comparison to the actual increase of 10.6 per cent to date in 2022.

According to a new report, the attrition rate for the first half of 2022 continued to be high at 20.3 per cent, only marginally lower than the 21 per cent recorded in 2021, thus retaining the pressure on salaries.

ALSO READ: India's Rs 1,000 Cr rich club grows, teen entrepreneur makes debut

With an expected salary increase of 12.8 per cent, e-commerce leads sectors with the highest projected increase, followed by start-ups at 12.7 per cent, hi-tech/information technology and information technology-enabled services at 11.3 per cent, and financial institutions at 10.7 per cent.