Salaries in India could rise 10% in 2020, the highest in the Asia Pacific. This increase could be marginally higher than the actual increase of 9.9% in 2019 according to the latest Q3 2019 salary budget planning report by Willis Towers Watson, a leading global advisory, brooking & solutions company.
Indonesia is projected at 8%, China at 6.5%, the Philippines at 6%, and Hong Kong and Singapore both at 4%.
Companies are taking a cautious approach and do not intend to make any significant changes from previous years. Companies are beginning to make selective skill-based compensation adjustments to cater to requirements around automation and digitization said Rahul Mathur, Consulting Leader – Talent & Rewards, Willis Towers Watson India.
In Report
The report added, that 28% of the surveyed companies project a positive business revenue outlook in the next 12 months, down from 37% in 2018. 61% expect no big change as compared to 57% last year and 11% have a downward projection compared to 5% in 2018. Financial Services is projected at 9.7% in 2020 from 9% last year.
Middle management, professional & support staff could see an increase from 10.1% in 2019 to 10.4% in 2020. The survey noticed the variable pay at executive level increased from 20.7% in 2018 to 30.7% in 2019.
The Salary Budget planning survey is a biannual survey on salary movements around the world. Survey looks at multiple parameters such as industry sectors, job grades, focus on salary movements and review practices which helps companies with compensation planning.
Source : ETBFSI.Com
