Record Salary Hike in India: Due to the fear of worldwide recession, where on one hand jobs are in crisis and there is a continuous cut in salary.
At the same time, in some cities of India, people are being given jobs by giving more salary. This includes cities like Mumbai, Bangalore, Chennai and Delhi. People in these cities have been hired by giving more salary this year.
According to the Jobs and Salary Primer Report for FY 2022-2023 released by TeamLease Services, among all cities, Bengaluru has registered an impressive salary growth rate of 7.79 per cent over the previous year. In contrast, banking, financial services and insurance have registered a steep decline in average salaries after two years. Although many favorable efforts have been made to increase the salary.
The new report states that India is set to record a salary hike of between 3.20 per cent and 10.19 per cent across multiple industries in 2023, which is slightly slower than last year. The salary structure of permanent and temporary jobs has also been discussed in the report. In addition, the growth of organizations and their focus on digital transformation has led to an increase in jobs related to sales and IT roles.
‘Hot Jobs’ in FY 2023
It has been said in the report that many industries have indicated “hot jobs” in the year 2023 . These jobs offer high salary. Although almost half of the industries are developing new positions, which is good for the future. The report states that there has been a 10.19 per cent increase in the role of relationship manager in the telecom sector in Bengaluru. This is a job with a high salary increase.
Salary of entertainment sector employees also increased
The role of media and entertainment sector employees has also increased. An increase of 9.3 percent has been seen in this job. The average salary increase in this sector has been 8.03 per cent, while the maximum increase of 10.19 per cent has been less than last year.
Salary has increased so much in the last five years
Despite the decline in salaries last year, there has been an impressive increase in the average salary increase over five years. The highest increase of 20.46 per cent has been observed in the healthcare sector and 51.83 per cent in education. At the same time, salaries have declined in industries such as hospitality, automobile and allied industries, e-commerce and tech start-ups, and media and entertainment.