Aon Survey Projects Salaries in India to Increase by 9.5 Percent in 2024
NEW DELHI (21 February 2024) –
Aon plc (NYSE: AON), a leading global professional services firm, has revealed that salaries in India are expected to increase in 2024 according to the firm’s Annual Salary Increase and Turnover Survey 2023-24 India. The study, which is the largest and most comprehensive rewards survey in India, analysed data across 1414 companies from 40 industries.
The survey revealed that salaries in India are expected to increase by 9.5 percent in 2024, a slight drop compared to the actual increase of 9.7 percent in 2023, in response to market dynamics.
| Industry |
Projected Salary Increases (2024) |
| Overall India |
9.5 |
| Technology Platform and Products |
9.5 |
| Global Capability Centers |
9.8 |
| Technology Consulting and Services |
8.2 |
| Financial Institutions |
9.9 |
| Fast Moving Consumer Goods/Fast Moving Consumer Durables |
9.6 |
| Manufacturing |
10.1 |
| Life Sciences |
9.9 |
| Chemicals |
9.7 |
| Retail |
8.4 |
| Professional Services |
9.7 |
| Ecommerce |
9.2 |
Roopank Chaudhary, partner and chief commercial officer for Talent Solutions at Aon in India, said, “The projected increase in salaries in the Indian formal sector indicates a strategic adjustment in response to the evolving economic landscape. Despite a conservative global sentiment, industries such as infrastructure and manufacturing continue to project robust growth, indicating the need for targeted investments in certain sectors.”
The survey reveals that the overall attrition rates fell from 21.4 percent in 2022 to 18.7 percent in 2023. This highlights a job market that remains competitive and that turnover rates may have reached their peak. A decrease in attrition is favourable for organisations allowing them to direct resources towards improving capability and enhancing productivity, thereby creating a positive cycle.
Jang Bahadur Singh, director for Talent Solutions at Aon in India, said, “In 2023, organisations navigated a challenging environment, balancing a generous average salary increment amidst high attrition rates. As leaders prepare for 2024, their focus is likely to shift towards building a supportive work environment to foster employee engagement in a dynamic job market.”
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