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Average salary hike in 2022 to be 8.6%: Survey

Source | | Shilpa Phadnis

BENGALURU: The average salary increment in India is expected to be 8.6% in 2022, buoyed by improved business confidence, says Deloitte’s Workforce and Increment Trends survey. The increments match the pre-pandemic levels of 2019. A quarter of the companies surveyed have projected a double-digit hike.
The survey found that 92% of companies gave an average hike of 8% in 2021, compared with only 4.4% in 2020. Only 60% of companies had extended a pay hike last year.

Deloitte’s latest report surveyed over 450 organisations across seven sectors and 24 subsectors.
Anandorup Ghose, partner, Deloitte Touche Tohmatsu India, said, “While most companies are projecting a higher increment in 2022 compared to 2021, we continue to operate in an environment where Covid-19 related uncertainty persists, making it harder for companies to forecast. Some of the survey respondents have also just closed their 2021 increment cycle, so 2022 increments are a fair distance away for them. GDP forecasts for FY 2021-22 were revised down after the second wave and we expect organisations to closely watch similar developments while managing their fixed cost increases next year.”

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