Regardless of the surging inflation and global economic conditions, the salaries of Indian employees are likely to rise by 10.4% on average in 2023.

The attrition ratio remained the same as the last year at 20.3 percent, therefore retaining the pressure on salaries. According to the global professional services organization Aon, the trend is expected to go on for the next few more months.

Roopank Chaudhary, the partner, of human capital solutions in Aon India, said, “Despite the global recessionary headwinds and volatile domestic inflation, salary increases projected in India for 2023 are in the double digits.”

The expected salary rise across the sectors shows that financial institutions have 10.7%, Information Technology and ITES will have 11.3 percent, start-ups at 12.7 percent, and the e-commerce sector leading with 12.8 percent respectively. Wipro is heard of giving a hike to 96 percent of employees in the next fiscal effective September 2023.

Jang Bahadur Singh, director, of Human Capital Solutions at Aon India, said, “As the broader economic circumstances impact the talent landscape, businesses must create holistic rewards strategies unique to their situation and sector to retain and attract the talent they need.”