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If there is a recession in the world, the growth of salary earners in India will be in double digits!

Highlights

The job loss rate for the first half of 2022 remained at a high of 20.3 percent.
The pressure on salaries continues. This trend is likely to continue in the coming few months.
According to the report, the salary will increase at the highest rate of 12.8 percent in the e-commerce sector.

New Delhi. The sound of recession is now being heard all over the world. At this time most of the discussion is happening about the possible recession of America. Since the US economy has a significant impact on India, then India and Indian companies are also under the shadow of fear. Meanwhile, a new report has come with the figures of salary increase in India, which shows that there may be a brake on the pace of increase in salary in the country.

Business Standard quoted news agency IANS as saying that the average salary increase in India in 2023 will be 10.4 per cent, while this year (in 2022) has seen an average increase of 10.6 per cent so far. This report was released by global professional services firm Aon on Monday.

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Furthermore, the job loss rate for the first half of 2022 remained at a high of 20.3 per cent, marginally lower than the 21 per cent recorded in 2021. Thus, the pressure on wages has remained intact. This trend is likely to continue in the coming few months.

Growth rate will remain in 2 digits
“Despite reports of a global slowdown and continuing volatility in domestic inflation, the expected salary growth rate is going to be in the double digits,” said Rupank Choudhary, partner, Human Capital Solutions, Aon in India. However, business leaders must make decisions that ensure that their workforce remains with them in the future, he added.

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Which sector will increase the salary?
According to this report, the e-commerce sector will see the highest salary increase at the rate of 12.8 per cent, followed by startups at the rate of 12.7 per cent. Hi-tech, information technology and information technology-enabled services are expected to grow at 11.3 per cent. Financial institutions will grow at the rate of 10.7 per cent.

Jang Bahadur Singh, Director, Human Capital Solutions, Aon in India, said, “As macroeconomic conditions affect the talent landscape, businesses must devise strategies that allow talent to stay with them. In this, a system like reward should be implemented according to their talents.

Tags: business news, Business news in hindi, Employees salary, Salary hike

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