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Salary hikes this year may not translate into higher take-home pay

Salary hikes this year may not translate into higher take-home pay
timesnownews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesnownews.com Daily Mail and Mail on Sunday newspapers.

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Organisations In India Projecting 7 7 Salary Increase In 2021 Survey


BW Businessworld
Organisations In India Projecting 7.7 % Salary Increase In 2021: Survey
The proposed definition of wages under the new Labor Codes could lead to additional compensation budgeting in the form of higher provisioning for Benefit plans like gratuity, leave encashment and provident fund.
Photo Credit : Shutterstock
Companies in India are likely to offer a 7.7 per cent salary increase in 2021, one of the highest among the BRIC nations, and higher than the average actual increase of 6.1 per cent in 2020, says a survey.
Global professional services firm Aon Plc on Tuesday released insights from its latest Salary Increase Survey in India, as per which 88 per cent of the surveyed companies reported that they intend to increase salaries in 2021, as compared to 75 per cent companies in 2020, reflecting positive business sentiment. ....

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Aon India's survey projects 7.7% salary hike in 2021 against 6.1% in 2020


With positive business sentiment gradually growing within India Inc after a tough Covid-19 pandemic hit 2020, salary increment is being projected to grow from actual average 6.1 per cent last year to a projected average of 7.7 per cent in 2021.
Findings in the latest Salary Increase Survey in India by global professional services firm Aon plc shows that more companies plan to give increments, with 88 per cent expressing the desire in 2021 as compared to 75 per cent companies in 2020. The study analysed data across 1,200 companies from more than 20 industries.
There is a sharp reduction in number of companies going for a zero increment, down from 25.4 per cent in 2020 (actual) to 12.2 per cent in 2021 (projected). This shows that business sentiment is on track and companies are having a more mature outlook, said Roopank Chaudhary, partner in Aon’s human capital business in India. ....

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