Indian salaries are set to rocket this year, according to research.
The eighth annual India Salary Increase Survey, conducted by HR outsourcing
and consulting firm Hewitt Associates, claims salaries will grow between 9.7 per
cent and 14.5 per cent in 2004.
The survey, carried out across 521 organisations, found that in 2003, salary
increases in India ranged between 9.5 per cent and 13.5 per cent.
The study estimates that pay hikes will be highest for non-banking finance companies
(14.7 per cent) and software developers (14.5 per cent).
Salary hikes in entertainment, communication and publications sector are
expected to be 14.2 per cent.
Hewitt’s India business consulting leader, Nishchae Suri, said: "A
robust GDP growth and higher business confidence are the two critical factors
that have led to the higher average salary increases in 2003."