The average salary increment across sectors is projected at 10.3 per cent in fiscal 2014-15, 0.3 per cent lower than in fiscal 2013-14, according to a new survey.
The highest increment is expected in the pharma sector at 12.4 per cent and the lowest projection in the retail sector at 9.1 per cent, according to the fourth edition of Deloitte’s ‘Annual Compensation & Benefits Trends Survey India 2014’, released on Monday.
P Thiruvengadam, Senior Director, Deloitte in India, said, “The increment levels this year are almost at the same levels as last year.
The main reasons are lack of economic growth, and no significant movement of people. Also, inflation is not yet fully under control and there are other economic uncertainties.”
The survey added that the average variable pay across sectors is projected to grow at 1.2 per cent to 18.5 per cent in this fiscal, against 17.3 per cent in the previous year.
About 209 companies from more than 18 sectors participated in the survey which was conducted online for the first time.
The survey added that the highest projected variable pay is in the Banking, Financial Services and Insurance (BFSI) sector at 20.2 per cent, while the lowest is projected in the logistics sector at 16.9 per cent.
The highest attrition is projected in the ITeS sector at 16.4 per cent and the lowest is in the logistics sector at 10.5 per cent.