Increments take double-digit route this year: Survey

Increments take double-digit route this year: Survey

India Inc employees have received average pay hikes upwards of 10% this year, suggests a survey, despite a tepid start to 2023 triggered by layoffs and an overall cautious approach by businesses.

At least six of every 10 employees have received increments in double digits, 10% and above, according to the survey conducted by for ET. A small percentage, mostly at entry level, got 20-25% hikes for exceptional performance.

More than 200,000 employees responded to this survey and 56% said their companies followed the April-March appraisal cycle.

“This year’s appraisal wave embodies optimism, demonstrating the robustness and resilience of the Indian white-collar job market in the face of uncertainties,” said Pawan Goyal, chief business officer at

The banking, financial services and insurance (BFSI) sector and manufacturing accounted for the largest share of employees with April-March appraisals. For a majority of them, increments were 10-20%. The healthcare and real estate sectors were the next in terms of the percentage of employees getting increments.

For a majority, variable and bonus payouts this year were either better than, or on a par with, last year.

However, one in four employees has not received variable/bonus payouts so far as their companies do not follow the April-March cycle.

“As per the findings of our survey covering over 200,000 white-collar employees, pay hikes are not that bad this year,” said Goyal. This is mostly due to sectors such as manufacturing, education, retail, FMCG and hospitality, where the majority of employees surveyed got double-digit hikes, he said. Certain sectors remained muted, with most of the employees getting single-digit hikes, like in IT and business process management.

Earlier this year, as reported by ET, salary surveys conducted by Aon and WTW had projected average salary hikes of 10.3% and 10%, respectively, for India Inc.

Naukri’s survey on appraisals suggests that almost half of the employees were content with the hikes received.

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Author: Shirley