Page 6 - Salary Hike

As layoffs continue, companies may tweak processes to determine appraisals

In the upcoming year, the salary hikes are less likely to be dependent upon seniority

Senior executives in India to see average pay hike of 9.1% in 2023: Study

Senior executives in India are expected to receive an average 9.1 per cent increase in their salaries this year, up from 8.9 per cent in 2022. According to leading global professional services firm Aon plc, the average CEO compensation was Rs 8.4 crore, and it has increased 21 per cent in the last four years, as there is an emphasis on rewarding executives for the value they bring to the organisation. According to Aon's latest Executive Rewards Survey in India, for board and senior managerial positions, one in three organisations are focusing on improving diversity levels. Boards are also embedding environmental, social and governance (ESG) factors, diversity and succession metrics in the long-term and short-term goals for CEOs and executive leaders. Aon's 12th annual study, analysed data across 519 companies from more than 25 industries. "Senior executives' salary increases continue to focus on pay at risk, indicating the emphasis on rewarding executives for the value they bring

Job switches to fetch smaller salary hikes to tech talent, says report

The average salary hike on new jobs has fallen from 54 per cent in July and August to 45 per cent in September and 37 per cent in October

War for talent, inflation spark highest pay hikes since 2007: Study

Overall salary increases in the US will be above 4.2% this year

Cognizant introduces 'two merit cycles' for employees to rein in attrition

Cognizant Technology Solutions has introduced a one-time, 'two merit cycles' for calendar year 2022 (CY22) for its employees to arrest attrition

Soaring inflation set to dent salary hikes for second year: Survey

The worst-hit region is likely to be Europe, where real salaries - nominal wage growth minus the rate of inflation - are seen being driven down an average 1.5 per cent

Pilots, officers apprehensive of SpiceJet's salary hike announcement

Days after SpiceJet announced a salary hike for its pilots, a section of captains and first officers of the airline has expressed apprehension about the implementation of the revised remuneration citing terms and conditions. In a communication to pilots on October 19, SpiceJet said effective November 1, 2022, its captains' salaries will increase to Rs 7 lakh for 80 hours of monthly flying and Rs 6.13 lakh for 70 hours from the current Rs 4.5 lakh-level which was made effective from October 1, 2022. Accordingly, salaries of trainers and senior first officers have also been increased commensurately, the Gurugram-headquartered airline said. The trainers comprise Designated Examiner (DE), Type Ratings Instructor (TRI) and Line Training Captain (LTC). However, a section of pilots alleged that the airline has announced a hike in their remunerations while they are yet to get salaries at par with pre-COVID levels, a claim denied by SpiceJet. On an average, a captain is currently getting .

Top headlines: Hikes, bonuses come down for IT firms, GACs in IT rules

The crazy salary hikes and bonuses with attrition hitting the roof is finally tempering down for the Indian IT services sector. Read more in our top headlines

Salary hikes and bonuses start to come down for Indian IT services sector

FY24 hikes will stay at lower levels than the spike seen in FY22 and 23

CEOs of Indian companies get nearly 4% compensation hike in FY22

According to members of nomination and pay committees of several blue-chip corporations, there is a growing trend of linking CEO salaries to results and performance

'Salary in certain sectors to reach pre-pandemic level by fiscal-end'

Salary level in certain sectors are expected to be restored to the pre-pandemic mark by the end of this financial year aided by the recovery in economic activities, according to TeamLease HRTech CEO Sumit Sabharwal said. Hit by the pandemic, organisations across sectors resorted to pay cuts and layoffs to reduce their labour costs, Sabharwal told PTI. "After analysis of data from our client base, we found that the workers in the formal sector witnessed a 3.6 per cent wage cut while informal workers experienced a much sharper fall at 22.6 per cent. The pandemic has shown us the importance of the format sector in the economy," he noted. He said, as normalcy returned and the economy gradually recovered companies began giving increments that helped in narrowing the salary gap to the 2019 level. However, there is still a little gap of around 7-14 per cent from the 2019 wage level in certain sectors. "We expect the recovery to reach the 2019 level by the end of this financial year," he .

Double-digit salary hikes return as Aon survey pegs 10.4% for 2023

Study also found actual hikes in 2022 were 10.6% as against its previous projections of 9.9% in Feb 2022, the highest since 2012

Top headlines: Rupee at new low; Unilever CEO to quit end of next year

From rupee touching a new low to Unilever CEO quitting by end of next year; here are the top headlines this evening

Indian workforce to get average salary hike of 10.4% in 2023: Report

Despite global macroeconomic conditions and rising inflation, salaries in India are likely to increase by 10.4 per cent on average in 2023, compared to an actual increase of 10.6 per cent in 2022

SpiceJet says will hike salaries of senior pilots by 20% from October

The carrier earlier this week sent 80 pilots on leave without pay for three months to save costs

TCS changes its hike structure, does away with anniversary hikes

The changes come at a time when the industry is seeing demand constraints from its majority market and budgets are under pressure and deals are taking time to close

Attrition to remain high as millennials demand better pay, promotion: PwC

Most employees in India may not return to offices yet and are more inclined towards the remote and hybrid work model, shows PwC survey

Indian employees likely to see bigger salary hike in 2023, says report

Some of the sectors which have been included in the survey are- financial services, banking, and technology, media and gaming

Firms in India expected to give 10% hike in 2023; highest in APAC: Report

Companies in India are expected to give a salary hike of 10 per cent in 2023 as they struggle with rising attrition in the tight labour market, according to a report

Salaries of top managers rise as occupancy in hospitality sector improves

The remuneration of directors of hotel companies, like IHCL and EIH Ltd, has seen a rise between 8 and 250 per cent in FY22 year-on-year (YoY)