Indians are going to get the biggest salary hikes this year, human resource consultancy Towers Watson has said in a survey. If you are one of the beneficiaries, this year is going to be great for you.
The survey predicts a 10.8 percent hike, citing a favourable economic climate. The hikes in India will be higher than in Indonesia (9.5 percent), China (8.6 percent) and Philippines (6.7 percent), according to the '2015-16 Asia-Pacific Salary Budget Planning' report by Towers Watson, quoted in this report.
Real salary growth (hike minus the rate of inflation) will be 5 percent, compared with 3.3 percent in 2014, the survey said. Lower levels of inflation, in part due to lower oil prices, have obviously helped. The real rise in income was worse in 2013, at just 0.3 percent, when India was reeling under 10 percent inflation.
However, keep in mind that these rates are the average and you might get way more or much less. Salary growth also vary with the industry you work in, as well as the managerial level you are at. Also, while hikes in more developed Asian regions — Hong Kong, Japan, Singapore — are less in percentage terms, they are on a higher existing salary level so the amount employees receive will remain higher than in India.
"With inflation tapering down in the current year, the real salary hike is set to increase even with the overall salary increase being in line with the average 10-11% increase seen in recent years," Sambhav Rakyan, data services practice leader, Asia-Pacific, at Towers Watson, said in this report.
The survey was conducted in 19 countries with 2,000 responders in February.