Pay packages in India are expected to rise by 10 per cent in 2019 with the appraisal period approaching; it seems good news for salaried people. According to a study ‘Global Salary Forecast 2019’ by Korn Ferry, this rise is the highest among all the Asian countries covered in the research.
In India, our data shows that 64 per cent of employees are in our most engaged and effective grouping as compared to a global average of 49 per cent, Korn Ferry said.
Earlier last year, there was a rise of 9 per cent in salaries in India whereas inflation-adjusted real-wage rose by 4.7 per cent. Salaries in India are likely to seen an expansion of 10 per cent in 2019 while the inflation-adjusted real-wages rise is expected at 5 per cent.
The highest wage hike among Asian countries, other than India is expected in Vietnam at 8.8 per cent followed by Indonesia and China at 7.8 per cent and 6 per cent, respectively while Japan at 2 per cent is expected to see the lowest salary increase in 2019.
On the global scale, the only nations in which salary increases are expected over 10 per cent are Argentina, Turkey, Egypt, Ukraine, Ghana and Nigeria with 25 per cent, 20 per cent, 15 per cent, 14 per cent, 13.6 per cent and 11 per cent, respectively.
Korn Ferry’s pay database contains data for more than 20 million job holders in 25,000 organizations across more than 110 countries. The database also shows predicted salary increases, as forecasted by global HR departments, for 2019 and compares them to predictions made at this time last year regarding 2018.
Korn Ferry’s pay database also compares salary increment to 2019 inflation forecasts from the Economist Intelligence Unit.
Adjusted for inflation, real-wage salaries globally are expected to grow only an average of 1 per cent in 2019 as per the Korn Ferry 2019 Global Salary Forecast.