The average salary hikes in percentage terms for 2022 is highest in India as compared with other big countries, including the USA, the UK, China and Japan, the report said.

Salaries in India are expected to increase by 10.4% in 2023 as compared to an annual rise of 10.6% to date in 2022, according to a survey conducted by Aon plc. This global professional services firm analyzed data across 1,300 companies from over 40 sectors in India.

India is the only country which witnessed the highest salary increase this year, i.e 10.6 per cent, which is more than China (6%), Brazil (5.6%), United States (4.5%), UK (4%), Germany (3.5%) and Japan (3%), Hindustan Times' business website Livemint reported.

Before Covid-pandemic hit, India had reported a single-digit salary increase at 9.3% in 2019. It dropped to 6.1%t in 2020 but rose to 9.3% last year in the pandemic era.

The e-commerce sector leads with an expected salary increase of 12.8%. The startups follow with 12.7%, the IT-enabled services at 11.3% and the financial institutions have an expected salary increase of 10.7%.

The study also pointed out that the attrition rate for the first half of 2022 continued to be high at 20.3% and only marginally less than the 2021 rate of 21%. The report stated that the trend is expected to continue for the next few months.