There is a good news for employees as they are likley to receive pay increase this year, according to a report. Indian companies are planning to increase their employees' pay by about 7.7 per cent this year.
According to reports, the pay increase is likely of employees in India, China, Russia and Brazil.
This possibility has been expressed in a survey. In 2020, the average hike given was 6.1 percent with 75 percent companies offering hikes. The growth this year is likely to be more than that.
Global company AON plc on Tuesday released its report on wage growth in India. Eighty-eight per cent of the companies surveyed said they plan to raise their salaries by 2021. In 2020, 75 per cent of companies were ready for a pay rise.
The survey covered more than 1,200 companies from 20 industries. According to the survey, there are indications of a large increase in wages. It also said that the new law could lead to some changes.
Nitin Sethi, partner and CEO of Aon’s performance and rewards business in India said that they expect organizations to review their compensation budgets in the second half of the year once the exact financial impact of the Labor Codes is known.