90% of workers in india expect a pay rise this year report
According to a report released on Monday, workers’ expectations for pay increases this year have skyrocketed in India, with 90% of those surveyed expecting a pay increase.
According to the ADP Research Institute’s report, “People at Work 2023: A Global Workforce View,” 90% of the employees surveyed in India expect a pay increase this year. On average, the employees surveyed expect increases of 4-6%, followed by 19% who anticipate increases of 10-12%.
According to the report, 4-6 percent pay increases were given to 78 percent of Indian workers last year.
Even though there will be no salary increases this year, the report found that a sizable 65 percent of employees want some kind of merit bonus, paid time off, or travel reimbursement.
“Getting a pay rise has grown more crucial, especially for those in the lower and middle-income tiers. Even those with higher incomes are feeling the pressure as a result of the rising cost of living.
Due to the financial constraints brought on by rising interest rates, rents, and food prices, people are finding it difficult to pay for necessities and are unable to indulge in luxury items.
Even though inflation may have peaked, it seems it will take some time for it to drop to more manageable levels, according to Rahul Goyal, managing director of ADP India.
ADP, a US-based provider of human capital management (HCM) solutions, based its report, People at Work 2023: A Global Workforce View, on a survey of 32,000 workers in 17 countries, including 2,000 employees in India.
Goyal added that it is challenging for employers to balance the demands for higher pay with their challenges related to rising costs and narrowing profit margins.
According to him, employees are confident that their current employers will raise their pay, but if they don’t, there is a strong belief that they can find one by changing jobs.
“As the recent wave of strikes across numerous nations and industries has demonstrated, many workers believe enough is enough. To make sure they get their point across and compel a fair settlement, they are prepared to take increasingly extreme measures by staging walk-outs, he said.
Goyal added that employers who are unable to afford fair pay increases might need to come up with innovative ways to satisfy staff in other ways, such as by providing more flexibility or other benefits.
The report also revealed that demands for higher pay have increased since six out of ten workers (62%) received pay increases last year that averaged 6.4 percent.
The findings come at a time when many workers are willing to engage in industrial action to pressure their employers to be more generous with pay and working conditions and amid the ongoing cost of living crisis, the report said.
According to the report, 44 percent of workers worldwide believe their salaries are too low for their jobs.