India Inc to offer 9.5% salary hike in FY25, projects survey

The average salary increase in India is likely to be 9.5% in 2024-25, compared to an actual increase of 9.3% in 2024, according to the first phase of the Aon Annual Salary Increase and Turnover Survey 2024-25.

The study analysed data across 1,176 companies from over 40 industries between July and August 2024.

The engineering and manufacturing and retail industries project double-digit increases at 10%, closely followed by financial institutions at 9.9%, indicating the strategic importance employers place on talent in these sectors in the current economic landscape.


"Despite evolving global economic challenges, our study indicates a positive business outlook across several sectors in India. This sentiment continues in many of the domestically driven sectors illustrated by the projected increments in the manufacturing, life sciences and retail industries," said Roopank Chaudhary, partner and head of reward solutions in India for Aon.

Although the year started on a cautious note for the technology sector, the sentiment is optimistic.