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Pay hikes in India may go back to pre-covid levels

January 28, 2022

Pay hikes in India may go back to pre-covid levels

Spurred by the great resignation wave, India Inc is moving to normalize salary increments to pre-Covid levels with average increments projected at 9.4% for 2022 against an actual average raise of 8.4% in 2021, as indicated by the most recent Korn Ferry India yearly rewards survey.

In addition, organizations are upbeat with regards to the economy and customer confidence as most see Covid-19 as being unlikely to have an impact on the business cycle this year. For the current financial year, business has recuperated from the pandemic and come out strongly, bringing about healthy financial and operational performance, said Vedanta group chief HR official (CHRO) Madhu Srivastava.

“While we are currently deliberating on the overall budgets for increase which will to a great extent rely upon business performance, industry metrics and benchmarking trend, the level of increment that we are focusing on this year will be better over last year,” Srivastava said.

Panasonic India is betting on better hikes than last year. “Coronavirus is probably not going to affect the business cycle this year,” said CHRO Adarsh Mishra. “Business is happening as usual and we are gearing up for the air conditioning season.

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