Average increments to drop to 9.1% in 2023

Mumbai (PTI): Average increments are likely to drop to 9.1% this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study.

The average increment in 2022 was 9.4%, Deloitte India Talent Outlook 2023 stated on Wednesday. The study found that in 2023 increments are expected to be lower across almost all sectors, compared to 2022 actual increments.

While the Life Sciences sector is expected to witness the highest increments in

2023, the IT sector will likely witness a major drop in increments as compared to last year, the study said.

Additionally, attrition in India reached 19.7% in 2022, up from 19.4% in 2021, it stated.

Major Highlights

z Average increments are likely to drop to 9.1% this year in almost all sectors following inflation, higher interest rates z The average increment in 2022 was 9.4% z Attrition in India reached 19.7% in 2022, up from 19.4% in 2021

Among the Sensex firms, HCL Technologies, Tata Motors, Hindustan Unilever, NTPC, IndusInd Bank, Bajaj Finserv, Bajaj Finance and Mahindra & Mahindra were the major gainers. Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints were the laggards.

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We must plan for a beautiful perfect healthy life but a sensible person also prepares for the hiccups along the way.

— Dr Jagdeesh Chandra, CEO & Editor-in-Chief, First India