Indian Employees Set For 15-30% Hikes This Year, Asia’s Biggest: Report

Indian employees are set for Asia’s biggest pay increases this year, with top talent earning as much as 15%-30% more, according to a survey by Korn Ferry.

On average, pay in the South Asian nation will increase by 9.8% in 2023 after a 9.4% bump last year, the consulting firm said in a report. High-tech industries, life sciences and healthcare lead the pack with jumps of more than 10%.

India is one of the world’s fastest-growing major economies. While it is also one of the most populous – with millions entering the workforce each year – gaps in education make the fight for talent acute even as the overall unemployment rate stays high. 

Korn Ferry, which surveyed 818 companies in India employing more than a combined 800,000 staff, found 61% of organizations are providing retention payments to key individuals.

The 9.8% rise for India compares with 3.5% in Australia, 5.5% China, 3.6% Hong Kong, 7% Indonesia, 4.5% Korea, 5% Malaysia, 3.8% New Zealand, 5.5% Philippines, 4% Singapore, 5% Thailand, 8% Vietnam

60% companies asked employees to follow a hybrid model of work.