Good news for salaried! India to witness a 10% salary hike in 2019
With the appraisal period approaching, its good news for salaried people as pay packages in India are expected to rise by 10 per cent this year it is the highest in Asia claims research
New Delhi: With the appraisal period approaching, it's good news for salaried people as pay packages in India are expected to rise by 10 per cent this year; it is the highest in Asia claims research. According to a study ‘Global Salary Forecast 2019’ by Korn Ferry, in India, our evaluation shows that 64 per cent of employees falls under most engaged and effective category when compared to a global average of 49 per cent, Korn Ferry said.
Salaries in India are likely to increase by 10 per cent this year, whereas the inflation-adjusted real-wage rises are expected at 5 per cent. Last year, there was a rise of 9 per cent in salaries in India whereas inflation-adjusted real-wage increased by 4.7 per cent.
Apart from India, the highest wage hike among Asian countries is expected in Vietnam at a rate of 8.8 per cent followed by Indonesia and China at 7.8 per cent and 6 per cent, respectively. Unfortunately this year Japan may see the lowest salary increase at 2 per cent.
On the global scale, countries such as Argentina, Turkey, Egypt, Ukraine, Ghana and Nigeria are the only nations in which salary increases are expected over 10 per cent with 25 per cent, 20 per cent, 15 per cent, 14 per cent, 13.6 per cent and 11 per cent, respectively.
The Korn Ferry 2019 Global Salary Forecast says that adjusted for inflation, real-wage salaries globally are expected to grow only an average of only 1 per cent this year.
The statistics were drawn from Korn Ferry’s pay database which includes data for more than 20 million job holders in 25,000 organizations across more than 110 countries.
It shows predicted salary increases, as forecasted by global HR departments, for 2019 and made the comparisons to predict at this time last year regarding 2018. It also evaluates them to 2019 inflation forecasts from the Economist Intelligence Unit.