NEW DELHI: Indian companies are projected to reward employees with an average pay hike of 10.9% next year, a survey has found, marking the return of double-digit salary increases and optimism about the future.
The survey by HR Mercer also shows that companies are restarting hiring after a year which saw most them trim workforce levels to cut costs and compete in the worst global recession since the Great Depression in the 1930s.
Industry estimates show that in 2008, salaries rose by an average 8-9%, in 2007 by about 13%. Indian companies are expected to give salary hikes at an average of 8% this year. India’s economy grew by 6.7% in 2008-09 after three years of expanding by about 9%. The Planning Commission expects GDP to expand by 6.3% in the fiscal to March 2010. Click here for more infomration