Home > Business > PTI > Report
Salary hike: India beats China
November 08, 2004 18:34 IST
Last Updated: November 08, 2004 18:59 IST
India has shown the highest average salary increase in the Asia-Pacific region during 2004, beating China, Korea and Japan, according to a survey by global human resources firm Hewitt Associates.
India showed the highest average salary increase followed by China, Philippines and Korea. While India reported a 11.6 per cent overall pay hike, in China salaries grew by 6.4-8.4 per cent, 7.4-7.7 per cent in Philippines and 6.4-6.8 per cent in Korea for the year 2004, the survey said.
The hike during Phase I of the survey in India was marginally higher than 11.45 per cent in 2003, Hewitt's Asia Pacific Business Head for Talent and Organisation, Nishchae Suri said, adding Phase II for the Indian market would be completed by February 2005.
Information technology industry in India witnessed the highest average salary increase at 14.5 per cent and as many as 89 per cent of the participating companies linked salary hike to performance ratings, Hewitt said in a release.
Employers in the region reported a more positive outlook in terms of salary increases in 2004 largely due to a region-wide economic upswing, Hewitt said, adding the trend was expected to continue next year as well with very few companies reporting the need for pay freezes in 2005.
"The economic upswing is clearly reflected in the overall increases experienced by countries in Asia. Considering the global attention drawn by India, the Philippines and China, it is not surprising to see that the highest salary increases in these countries," Mick Bennet, Hewitt's managing director for Asia-Pacific, said.