India is set to get a salary hike of 4.6 percent in 2023. As per the recent survey conducted by the London-based Workforce Consultancy-ECA International, India is all set to get the highest salary boost of 4.6 percent in 2023.
Despite rising inflation, India is the top performer in managing better salary hikes among all Asian nations. Recently, India was praised by the World Bank and IMF for promoting digitisation and policies for the poor during the pandemic.
The ECA survey comprised data from more than 350+ MNCs across 68 nations. Europe emerged as the top loser, with the highest number of countries hit by inflation. Thus, actual payments are prone to come down at a minus rate, at an average of 1.5 percent. The ongoing Russo-Ukraine war and the Nordstrom energy gas blockage could be cited as the reasons, as 40% of the European Union relies on Russia for the same.
Although the average formal pay stands at 3.5 hikes, the real-time salaries of UK employees are set to fall by 5.6%. This makes the UK the worst-hit region. Thanks to Trussonomics and Brexit’s long-run result. The ECA survey determines that only 37% achieve real-time salary in worldwide inflation, whereby India emerges as the top performer in global wage hikes, followed by Vietnam. Also, India surpassed China in the list, which comes third with a 3.4 percent wage increase.
ECA International Regional Director for the Asia region, Lee Quane, had a word in the survey stating that 2023 will be tough for workers financially as only 1/3rd of the global nations get real-time earnings hikes. Interestingly, in the global terms of the survey, eight Asian countries made it onto the list. Check out the tabular representation below:
|COUNTRY||% SALARY INCREASE|
In the worst-performing five nations in percentage salary decrease, Argentina soared to the top with 26.1%, along with the likes of Ghana(11.9), Turkey(14.4), bankrupt Sri Lanka(20.5) and debt-ridden Pakistan (9.9).
|COUNTRY||% SALARY DECREASE|