Employees working in the private sector can anticipate a positive development in their salaries this year, with wages expected to increase by 9.5% to 10.5% in 2024. India’s largest IT services company, Tata Consultancy Services (TCS), is projected to offer an average increase of 7-8% for offshore employees and 2-4% for onshore employees for the fiscal year 2024-25. Furthermore, high-performing employees might receive salary hikes ranging from 12% to 15%.
TCS Set for Substantial Salary Hike in 2024-25: Offshore Staff to See 7-8% Increase, Onshore Employees 2-4%, Exceptional Performers Up to 15%
TCS Poised for Significant Salary Increase This Year According to media reports, TCS may raise the salaries of its offshore employees by an average of 7-8% and onshore employees by 2-4% for the fiscal year 2024-25. Moreover, employees demonstrating exceptional performance could see their salaries rise by 12-15%. These salary revisions are expected to take effect from April 1, 2024. The company will closely monitor the promotion process, which might be extended until the first quarter of the financial year 2025. TCS witnessed a reduction in its workforce in the second quarter, with 5,680 employees being let go during the December quarter. As of December 31, 2023, TCS employed 603,305 individuals.
Surveys Point to Potential 10% Salary Boost for Indian Employees in 2024: E-commerce, Financial Services, and Professional Sectors Lead the Way
Survey Reports Suggest Up to 10% Salary Increase Possible This Year Recent reports, including the EY Future of Pay 2024 survey, indicate that Indian employees may receive an average salary increase of 9.6% in 2024, similar to the actual growth observed in 2023. Salary hikes of 10.9% for e-commerce company employees, 10.1% for those in financial services, and 10% for professionals in professional services and real estate are expected. Additionally, the Total Remuneration Survey (TRS) conducted recently suggests that salaries in India might increase by an average of 10% in 2024, up from 9.5% in 2023. Significant salary hikes are anticipated in sectors such as automotive, manufacturing, engineering, and life sciences.
Global Professional Services Company Aon PLC’s annual salary hike and business survey for 2023-24 also forecasts a 9.5% increase in employees’ salaries in India this year. Three out of four companies are expected to offer hikes of over 9% in 2024. The survey analyzed data from 1,414 companies across approximately 45 industries. The manufacturing sector is expected to witness a 10.1% increase, followed by a 9.5% hike in product companies and an 8.2% increase in service companies.