According to the survey, India will have the largest pay rise in the Asia Pacific area in the next year. In 2024, we anticipate wage growth of 8% in Vietnam, 6% in China, 5.7 in the Philippines, and 5% in Thailand.
Many private sector workers will benefit from a salary increase in 2024. In 2024, workers might get a pay rise of up to 9.8 percent. The Willis Tower Watson (WTDW) ‘Salary Budget Planning India Report’ has just come out with this data. In 2023, incomes for Indian workers are expected to rise by 10 percent from their previous levels.
Find out the results of WTDW’s poll.
There isn’t much time left before the new year begins, but many are already talking about how much wage increases will be given to workers in 2024 and some organisations have already begun generating forecasts based on polls. In the ‘Salary Budget Planning India Report’ recently issued by Willis Tower Watson (WTDW), it has been indicated that in 2024, firms in India would boost their wages by 9.8 percent. rise), which is closer to 10 percent actual growth in 2023.
How did you conduct this survey?
What makes this poll unique is that around 32,512 answers were collected from businesses in 150 different countries during April and May of 2023. Seven hundred and eight people in India took part in the poll, while 7,372 businesses from 22 countries around Asia and the Pacific gave their feedback. According to the survey, India will have the greatest pay rise in the Asia Pacific area in the new year. In 2024, we anticipate wage growth of 8% in Vietnam, 6% in China, 5.7 in the Philippines, and 5% in Thailand.
What occupations have the most wage growth potential?
Companies may raise their wage budget by almost 10% in 2019 owing to tight labour market circumstances and rising inflation, according to the WTW wage Budget Planning Report.
Employees in technology, media, gaming, financial services and retail sectors are projected to profit the most in this, the compensation of employees in these areas may grow by 10%.
In the retail industry, salaries have climbed by 9.8% this year, while in the banking, financial services, and insurance sector (abbreviated as “BFSI”), salaries have increased by 9.8%.
Their compensation in the captives industry is expected to rise by 9.9% next year, up from 9.8% this year, and the forecast for the next year is positive at 10%.