There is bad news for private sector employees this year. According to a survey based on more than 1,000 companies, the salary hikes in 2017 are likely to drop up to 1 per cent. The survey done by Aon Hewitt, projects an average of 9.5% increase in salaries across industries. While it's a marginal decrease from the 2016 spend, the survey says, it is due to the impact of Brexit, recent changes in the US government and the 'much talked about demonetization' in India.
Anandorup Ghose, Partner at Aon Hewitt India, said "Political changes and economic headwinds have had an impact on business performance. However, the trend this year reflects a gradual slowing of pay increases and higher emphasis on productivity and performance - quite literally a 'graying' of salary budgets for India"
Sectors like Life Sciences, Professional Services, Chemicals, Entertainment Media, Automotive and Consumer Products will continue to project a double-digit salary increase for 2017. The lowest hikes would be witnessed in financial institutions, transportation and cement sectors.
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