Salaries in India likely to rise by 9.2 per cent in 2020: Report
New Delhi | Jagran Business Desk: Employees in India are expected to see 9.2 per cent salary growth in 2020-- highest in Asia, PTI reported on Monday. As per Korn Ferry Global Forecast, the country's salary growth for 2020 stood at 9.2 per cent lower as compared to last year (10 per cent), while real wage post inflation may remain constant at 5 percent.
The report further added that India has emerged as the leader of salary growth projection in Asia. "India has posted a strong growth despite real wages, taking a hit globally. With current economic scenario and progressive reforms by the government, there is a sense of cautious optimism across sectors in India that continues to show high salary increments," Korn Ferry India Chairman and Regional Managing Director Navnit Singh said as quoted by PTI.
As per the forecast, salaries are predicted to grow at a rate of around 4.9 per cent globally in 2020. With a global inflation rate prediction of around 2.8 per cent, the real-wage salary rise prediction stood at 2.1 per cent.
As per insights, salaries are predicted to grow at a rate of around 4.9 per cent globally in 2020. With a global inflation rate predicted to be around 2.8 per cent, the real-wage salary rise is expected to be around 2.8 per cent.
"India's projected average salary increment has seen an average growth of 9.2 per cent for 2020 and with low inflation, the real wage increased at 5.1 per cent, which is amongst the highest globally", Roopank Chaudhary, associate client partner – PTI quoted Korn Ferry India as saying.
However, the companies will continue to differentiate their top performer's high potentials and critical talent sharply.
The data was drawn from Korn Ferry's database, which contains data for more than 20 million job holders in 25,000 organisations across more than 130 countries.
It shows predicted salary increases as forecasted by global HR leaders for 2020 and compares them to predictions made at this time last year regarding 2019. It also compares them to 2020 inflation forecasts from the Economist Intelligence Unit.
Posted By: James Kuanal