According to the reports of WTW’s latest Salary Budget Planning, It is expected that the median salary increase in India is forecasted to rise by 9.8% in 2024 which is close to the actual salary increase of 10% in 2023.
It is expected that the 2024 salary increase for Vietnam is projected at 8%, followed by China at 6%, the Philippines at 5.7%, and Thailand at 5%.
Projected and actual salary increase (median) for companies in India
| Year | Projected salary increase | Actual salary increase |
| 2024 | 9.8% | |
| 2023 | 9.8% | 10.0% |
| 2022 | 9.3% | 9.8% |
| 2021 | 7.0% | 8.5% |
| 2020 | 10.0% | 7.5% |
Rajul Mathur, Consulting Leader, Work and Rewards, WTW India said “Companies across industries are still closely monitoring their cost structures. Within the IT sector, a noticeable correction is expected with salary increments reducing from approximately 11 to 12% in the past to a projected 10% for 2024.”
“In contrast, sectors like Manufacturing, Pharmaceuticals, Media, Gaming, and Global Captive Centers (GCCs) are expanding and this is evident from their hiring plans and salary allocations for 2024”, Rajul Mathur added.
Rajul Mathur further said, “Despite a slowdown in IT recruitment, mid-sized companies, product and platform firms, and the GCCs of Financial Services companies are expected to continue to hire.”
The report has also suggested that industries in India including the Technology, Media and Gaming, Financial Services, and Retail sectors are expected to see the highest salary increase at 10% in 2024.
The Companies in the Financial Services, Retail sectors, and Captive setups have projected marginally higher increases for 2024 as compared to the actual salary increase in 2023 due to the continued talent demand.
The survey was conducted in April and May 2023. Approximately 32,512 sets of responses were received from companies across 150 countries worldwide. The survey had 708 participants from India. In Asia Pacific, 7,372 organisations from 22 markets responded.
The full report have been taken from WTW survey findings please click here to read the full report.
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