Page 2 - Salary Hike

Wickremesinghe rules out another salary hike for govt employees this year

Sri Lankan President Ranil Wickremesinghe has said that the government sector employees will not be given another salary increase this year, cautioning that further pay hikes without proper planning could cripple the government ahead of presidential and general elections. The 75-year-old, widely expected to seek re-election for the office of president, acknowledged the strain on the economy, stating that previous programmes providing increased benefits and allowances had depleted excess funds, the News First portal reported on Sunday. Wickremesinghe highlighted the Sri Lankan Rs 10,000 salary increase and additional benefits implemented under the "Aswasuma" programme. He emphasised the need for fiscal responsibility, cautioning that further salary increases without proper planning could cripple the government, the report said. Wickremesinghe, who has been serving the balance term of the ousted president Gotabaya Rajapaksa since mid-July 2022, stressed the need to prioritise nationa

77% low-income households saw no income increase in the past 5 yrs: Report

A Redseer survey on low to middle income households found that 65% respondents relied on family and friends for financial support, citing medical emergencies as a major cause for savings depletion

At the Big Five, auditors want pay parity with their western counterparts

The auditors at Big Five firms said the remuneration does not justify the risks, work stress, and investments in technology and talent

TCS, Infosys, Wipro see salary bills surge even as revenue growth slows

Lateral hiring in high-demand sectors like artificial intelligence (AI), machine learning (ML), cloud, and engineering services are the reason behind the surge

Cognizant defers salary hikes by four months to August 1, says report

Cognizant said that the majority of its associates have seen four merit increases within 3 years, with the last cycle being April 1, 2023

Average salary hike in India likely to be 8-11% this year: Randstad India

The junior professionals are likely to outshine senior professionals in terms of salary hike percentage

Senior-level roles to see average 20% pay hike on bright economic sentiment

Salary hike in senior level job roles is expected to reach an average of 20 per cent this year, as nurturing talent and fostering innovation remains a key focus area for companies amid the country's buoyant economic conditions, says a report. According to the Michael Page India Salary Guide 2024, there is a resurgence in hiring within traditional industries, particularly evident in the continued high demand for manufacturing and operations roles. Additionally, there's a notable surge in the need for professionals skilled in data analytics, generative AI, and machine learning across various sectors. The annual guidance report covers the key sectors of BFSI, engineering & manufacturing, finance & accounting, healthcare & lifesciences, human resources, legal, compliance, procurement & supply chain, property & construction, sales & marketing, and technology. According to the report, India's 6 per cent GDP growth coupled with significant domestic investments and ...

TCS likely to offer 7-8% average salary hike to offsite employees

TCS' attrition rate has been normalising, standing at 13.3 per cent for the third quarter of FY24, down from 14.9 per cent in the previous quarter

Woman asks for 45 LPA after 4 years of experience, CEO response goes viral

Vanshiv Technologies CEO's tweet went viral when a woman with four years of experience asked for 45 LPA. CEO says we'll have to apply for a loan to hire her

India Inc likely to see an average salary hike of 9.6% in 2024: EY report

The highest salary hikes are expected to be seen in e-commerce (10.9%), financial services (10.1%), and professional services and real estate (10% each)

India Inc likely to see an average salary hike of 9.6% in 2024: EY report

The highest salary hikes are expected to be seen in e-commerce (10.9%), financial services (10.1%), and professional services and real estate (10% each)

Watch: What will the average salary hike be in 2024

Companies expected to dole out 10% average salary hike this year: Survey

Companies in India are expected to dole out an average of 10 per cent salary increase this year, with automobile, manufacturing and engineering sectors anticipated to witness the highest hikes, says a survey. In 2023, the average salary hike was 9.5 per cent, according to consultancy firm Mercer's Total Remuneration Survey (TRS) released on Tuesday. "This trend showcases India's strong economic performance and its growing appeal as a hub for innovation and talent. Employees in the automobile, manufacturing & engineering and life sciences in India are projected to see the highest salary increment increases, highlighting the competitive nature of these sectors," it said. The survey, conducted between May and August 2023, gathered data from 1,474 companies, covering more than 6,000 job roles and representing more than 21 lakh employees. It focused on salary trends across various industries, with individual performance, organisation performance and position in salary range being the ..

Manufacturing firms likely to lead pay hikes in 2024: AON India survey

According to the projections by AON, the manufacturing sector could lead the hike with 10.1 per cent, followed by life sciences, and financial institutions with a 9.9 per cent hike each

Salaries in India expected to increase by 9.5% in 2024: Aon survey

Salaries in India are expected to increase by 9.5 per cent in 2024, slightly lower than the actual increase of 9.7 per cent in 2023, largely in response to market dynamics, according to global professional services firm Aon plc. According to the firm's annual salary increase and turnover survey 2023-24 India, that analysed data across 1,414 companies from almost 45 industries, salary increase in India seems to have stabilised at high single digits, after the post-pandemic high increments in 2022. "The projected increase in salaries in the Indian formal sector indicates a strategic adjustment in response to the evolving economic landscape. "Despite a conservative global sentiment, industries such as infrastructure and manufacturing continue to project robust growth, indicating the need for targeted investments in certain sectors," said Roopank Chaudhary, partner and chief commercial officer for Talent Solutions at Aon in India. India continues to roll out the highest salary increase

Data-driven hiring, nearly double-digit pay hikes to mark HR ways in 2024

Data-driven hiring ways, inclusive and diversity-focused practices and nearly double-digit salary hikes are likely to leave their stamp on the human resource landscape in 2024 as companies continue to scout for the right talent amid economic uncertainties. Over the last few years, the expectations of candidates and employers have changed dramatically. Employees want workplace flexibility, a greater emphasis on diversity, and impartial hiring processes, while companies are eager to provide fair, engaging and streamlined candidate experiences to attract and retain top talent, according to experts. Designing comprehensive well-being programmes, including flexible work arrangements, inclusive culture and work-life balance policies will be among the priorities for companies. Experts said that data-driven hiring will be one of the key trends that will redefine the HR landscape. AI-powered tools will revolutionise HR practices by automating repetitive tasks and providing personalised ...

TMS 589: Funding winter, IT defer hikes, markets, two-state solution

Is India's funding winter thawing? Why is IT sector facing painful readjustments? Do IT stocks have more steam left? What is the two-state solution? All answers here

Infy hands out salary revision letters to employees, hikes effective Nov 1

Traditionally, Infosys rolls out its annual salary hikes for employees below the senior management in April, with other people in the organisation receiving their share of hikes in July

Salary hike, 5-day work week for PSB employees by mid-December: Report

The current wage agreement for PSB employees expired on November 1, 2022

Wipro may skip salary hikes for top performers with higher compensation

The move comes at a time when Wipro is dealing with a plethora of problems ranging from weak client spending to tough competition from larger rivals