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Bloomberg
Pay increases across India’s organised sector will probably grow at the slowest pace since 2009 this year, according to a survey from Aon Plc.
Companies will increase average pay by 9.1% in 2020, down from 9.3% in 2019 and 9.5% the previous year, Aon said in a report. The small increase reflects a deep slowdown in Asia’s third-largest economy, where growing pessimism about job prospects have led many to cut down on consumption — the main driver to growth.
India still leads the Asia-Pacific region in pay rises, but that is mainly due to higher inflation and a “war for key talent and niche skills,†Aon said. “There is a general air of caution about the economy as we enter into 2020,†Tzeitel Fernandes, partner for rewards solutions said.