At 9.2%, salary growth in India set to be the highest in Asia
Centre’s policy push is feeding cautious optimism, says a Korn Ferry report
Amid the economic gloom, there is some good news for Indian professionals this year, with an expected salary growth of 9.2 per cent, the highest in Asia. The growth rate will, however, be slightly lower than the 10 per cent registered in 2019.
Though the ‘Korn Ferry Global Salary Forecast’ released last month pegs salary growth in India at 9.2 per cent in 2020, the inflation-adjusted real-wage in the country is anticipated to be constant at 5 per cent.
India has posted strong growth despite real wages taking a hit globally. Taking into account the government’s policy push, there is a sense of cautious optimism across sectors in that continue to show substantial salary increments, Navnit Singh, Chairman & Regional Managing Director, Korn Ferry India, said in the report. “We recommend organisations to re-examine their talent strategies and remuneration and reward policies, considering the rising cost of living, leading to a marginal real wage increase,” he added.