In the year 2020, only 40 percent of companies will increase
Only 40% of the companies surveyed have given increment to their employees, while 33% have not given any salary increase so far this year. Wage growth in 2020 is the lowest in the past decade.
On average, firms in life sciences have seen the highest wage increases, while the manufacturing and service sectors have the worst.
According to the Increase Trends Survey 2020 (Workforce and Increment Trends Survey 2020) conducted by Deloitte Touche Tohmatsu India, the salary hike in India has been only 3.6 percent this year, which is much lower than the 8.6 percent in 2019. The report also revealed that in the year 2020, only 40% of Indian companies have paid their employees’ salary hike. According to the survey, only 40% of the companies surveyed have given increment to their employees, while 33% have not given any salary increase so far this year. Wage growth in 2020 is the lowest in the past decade.
Employees who received increments in 2020 had an average wage increase of around 7.5%, while less than 10% of the companies surveyed had given more than 10% growth in the epidemic-affected year, and have been on the rise since March. The ratio has fallen drastically. The survey said that the timing of the increment and the impact of the COVID-19 epidemic were important factors in not getting an increase this year. Companies that decided to increase pay before the lockdown in March 2020 gave more hikes to their employees than others.
In 2020, there has not been a double-digit salary hike in any sector, and the hike in salary has been much lower than the 6 months earlier estimate of employees. On average, firms in life sciences have seen the highest wage increases, while the manufacturing and service sectors have the worst. Metal and mining, hospitality, retail sector, real estate, and auto sector were particularly poor at the time of increment.
