The Aon annual salary outlook survey revealed that India Inc will offer an average pay hike of 9.1% to its employees in 2020, decades lowest, as companies fight the tough economic environment.
The study, one of the most comprehensive of its kind in India, analysed data from over 1,000 firms from 20 sectors.
While e-commerce and startup firms are set to offer a 10% average hike, same as professional services, pharma and IT companies are likely to hike salaries by 9.9% and 9.6%, respectively. The logistics and transport sector, on the other hand, with a projected pay hike of 7.6% are at the lowest position of the pay ladder this year, closely followed by hospitality (8.2%) and infrastructure (8.3%).
The automotive industry will see the biggest downfall from 10.1% in 2018 to 8.3% for 2020, the survey said.
Despite the bleak offerings, India Inc will still be better paymasters this year than its Asian peers, as per AON. Chinese companies are expected to offer a 6.3% hike, the Philippines 5.8%, Malaysia 5.3%, Singapore 3.8%, Australia 3.1% and Japan 2.4%.