SALARY FORECASTS
Turkish inflation exceeds 75% but peak in sight
Turkish inflation jumped above 75 percent in May, official data showed Monday, but officials expect consumer prices to have finally peaked in a cost-of-living crisis that has dogged President Recep Tayyip Erdogan. Turkey has been battling soaring consumer prices that prompted Erdogan to drop his opposition to interest-rate hikes to combat inflation.
Blue collar and grey collar consumer jobs growing, can't offset fall in IT white collar jobs: Dr Pawan Goyal, Naukri.com
Dr Pawan Goyal anticipates sustained single-digit salary growth amidst strong consumer demand in various sectors like oil, FMCG, travel, and auto. From an overall jobs perspective, the overall index -- a composite of both IT as well as non-IT jobs -- is flattish now. While the consumer side of the economy is growing, it has a lot more blue-collar and grey-collar jobs. It is not able to offset the decline in white-collar jobs in IT.
India Inc likely to give 9.5% average pay hike in 2024: Aon
This year’s pay hike would be slightly lower than 2023's 9.7% amid tepid sentiment in sectors like tech consulting and services, ecommerce, retail.
Immigration forecast to add 6.1 million to UK population by 2036
Official projections show that migration will add 6.1 million people to the UK population by mid-2036. The UK's population is expected to grow from 67 million in mid-2021 to 73.7 million in mid-2036, primarily due to migration. This puts pressure on Prime Minister Rishi Sunak, especially as migration is a significant political issue leading up to the election.
Best places for expats to live in Asia: Salary, cost of living, taxes
Tokyo came out on top in a Bloomberg analysis of 10 metrics including potential salary increase, rent, personal taxes and education costs. The Japanese capital boasts relatively low international school fees and steady rents — plus residents can buy a Tesla Model Y Performance for about $50,000.
2024 Salary forecasts predict 4% hike: Workers anticipate relief amid lingering inflation
Anticipated 4% salary hikes in 2024 offer relief amid ongoing inflation concerns. WTW predicts this uptick, driven by persisting inflation pressures and a competitive labor market. Sectors vary in increments—engineers see 5%, while retail and education lag. Employers emphasize flexibility beyond pay raises. Yet, these hikes may not resolve long-standing wage stagnation issues. Many Americans still struggle financially, with 60% feeling incomes haven't kept up with inflation, signaling broader economic challenges.
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Yeh dil maange more: Average 2024 pay hikes likely to be higher at 9.8%
Manufacturing and life sciences sectors are likely to pay out the highest average increments of 10 per cent, according to the Deloitte Increments Trends survey.
Big slump in pay hikes for techies switching jobs; financial report card for Nykaa, Dunzo, PB Fintech
Employees at Indian IT firms are not getting the salary hikes they were used to on switching jobs anymore, data from staffing companies suggests. This and more in today’s ETtech Morning Dispatch.
MPC flags unsecured loan risks, urges look at weights, LTV ratios
In the recent MPC meeting, member Ashima Goyal said a sudden rise in Indian household debt could be a concern, as per the minutes of the meeting released on Friday. "Prudential tightening, such as raising LTV ratios or risk weights, would be preferable to raising policy rates ... After the firm lending-based NPAs, most banks are trying to increase retail loans. These are secured or based on cash or salary flows. But it will help make sure lending continues to be risk-based and internal assessments are robust," Goyal said.
IT Pay Hikes: Here is a list of companies who gave increments, and who delayed
These divergent strategies adopted by major Indian IT companies underscore the complex and ever-changing dynamics of the service industry, as they navigate through the challenges posed by the current business environment across the world. Here is a list of tech companies who have given salary increments this year and who have delayed.
Indian techies may be in for a long wait as IT firms defer hikes
Infosys and HCLTech have chosen not to implement raises, while Wipro has postponed its announcement to the third quarter. Tech Mahindra has granted increments to junior and mid-level employees but deferred them for senior roles. TCS, on the other hand, has given an average hike of 6% to 8%.
Flood of freshers at IT’s Big Four; Byju’s raises $250M, eyes $500M more
As of the second quarter, IT companies have not indicated any major change in their fresher intake plans for the year except TCS, which has upgraded its fresher hiring guidance from 40,000 to 47,000.
Infosys reports dip in headcount, FY23 net hiring down 46%
For the full year, the net hiring number stood at 29,219, down 46% from the 54,396 employees hired by the Bengaluru-headquartered firm for the full year in FY22.
40% salaried workers in India took up casual wage work due to Covid: World Bank
"In Q2 2020, many urban workers switched to casual wage work due to the pandemic and over 35 percent of urban self-employed workers transitioned to casual wage work, with males being affected more (39 percent) than females (25 percent)," said World Bank in the India Developement Report
Average salaries expected to increase by 10.2% in 2023: EY Future of Pay report
Projected salary increases for 2023 are slightly lower than the actual increases for 2022 across all job levels, except for blue-collar workers who are projected to have a slightly larger decrease in compensation in 2023. The top three sectors with the biggest forecasted salary increases are tied to technology. E-commerce has the highest projected salary growth at 12.5%, followed by professional services at 11.9%, and information technology at 10.8%.
India Inc set to continue with pre-pandemic level increments in 9-9.5% range: Mercer
After having grappled with the impact of the Covid-19 pandemic, cost deferrals and reduction measures to ensure business continuity, most companies last year reverted to pre-pandemic levels of investment in rewards and incentives after a dip in 2020. This trend is set to continue this year amid cautious optimism, according to the Mercer Total Remuneration Survey.
Not very bullish on salary revisions that are likely to happen this year: Rituparna Chakraborty
No one is out there would like to do any kind of hires which are not extremely-extremely need based. I mean, if you can postpone that decision, people are willing to postpone that decision. So it is completely something which is out of the way right now. So those are terminologies which no one is talking about. It may be happening, but it is not really something that people are going to be exceptionally bothered or concerned about.
India set to witness highest salary hike in world in 2023; Pakistan among lowest five
Asian nations make up eight of the top 10 countries forecast to see real salaries rise, led by India, up 4.6%, Vietnam rising 4.0% and China up 3.8%. Brazil’s 3.4% increase and Saudi Arabia’s 2.3% bump round out the top five.
Sea’s billionaire CEO to forgo salary as cost cuts spread
The company will cap business travel to economy class flight fares, with travel meal expenses limited to $30 a day. It will also curb spending on hotel stays for business trips to $150 a night, and cull reimbursement for meals and entertainment bills.
'India Inc to hand out bigger hikes next year'
As per the report, 58% of Indian employers have budgeted for higher salary increases this year compared to last year, while 24.4% are making no changes in the budget. Only 5.4% have reduced the budget as compared to 2022.
Indian employees likely to see 10% median salary increase in 2023: WTW survey
Salaried employees are likely to get a bigger pay hike in 2023, with companies budgeting for an overall median increase of 10%, according to the Willis Towers Watson Salary Budget Planning Report. This translates to an average salary increase of 9.8% in 2023, compared to the actual 9.5% increase paid out in 2022.
Falling rupee: What it means for your investment portfolio, study abroad and foreign holiday plans
After touching 80 to a US dollar, the rupee has pulled back for now, but further fall in value going forward is almost certain.
Online clothing retailer Stitch Fix to cut 15% of its salaried roles
Decades-high inflation and the impact of the war in Ukraine have pressured Corporate America to consider laying off people or put a freeze on hiring.
Companies reverting to pre-Covid levels of increment; average hike seen at ~9% in 2022: Mercer study
Across all employee categories, increments in tech was back to 2019 levels of 9% and higher than all industries average of 8% for 2021. Over a four-year period of 2018 -21, the median to median increase in tech salaries is 17% on an average across career streams
Hexaware Tech revenue to grow at 12-14% next fiscal: Fitch
The agency has assigned India-based Hexaware Technologies long-term foreign- and local-currency issuer default ratings (IDR) of 'BB-' and said the Outlook is positive.
ICRA downgrades growth forecast for passenger vehicle industry to 8-11% for FY22
With around 5 lakh units of production lost by various automakers in the passenger vehicles segment due to the semiconductor shortage, ICRA said the earnings loss for the OEMs (Original Equipment Manufacturers) could be around Rs 1,800 crore to Rs 2,000 crore for the ongoing fiscal.
India Inc likely to revert to pre-pandemic salary hikes
A resurgent economy and increasing consumer confidence are likely to lift corporate India's average increments for 2022 to the pre-pandemic level of 8.6%, according to early estimates from Deloitte's Workforce and Increments Trends Survey.
Accenture raises revenue growth forecast, in positive cues for TCS, Infosys
Accenture’s performance and revenue growth forecast is typically seen as a barometer for the performance of Indian IT companies, including Tata Consultancy Services (TCS), Infosys and Wipro.
ETtech Exclusive | Infosys eyes more big-ticket deals, peers' market share
Infosys, which has forecast double-digit growth in FY22, aims to win more big-ticket deals—such as Vanguard and Daimler—and deepen its focus on the fast-growing digital business, CEO Salil Parekh says.
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