Salary Hike: Employees to get huge pay hike this year

The corona pandemic in the country has subsided and the industry has recovered by overcoming all obstacles. As a result, employees are expected to receive at least 8.13 per cent to more than 10 per cent pay hike this year, according to a report. According to The Jobs and Salary Primer Report for the financial year 2021-22 of TeamLease, the annual salaries of employees working in almost all sectors may increase this year as compared to the previous two years. However, growth will be limited. This is the annual report of TeamLease Services, which takes into account the salaries of more than 263,000 employees in 17 states and 9 major cities. Of the 17 sectors surveyed, 14 are expected to have a pay rise of less than 10 per cent, with an average growth rate of 8.13 per cent.

“While the increments are yet to reach the double digit hikes, it is heartening to see that the phase of salary de-growth and stagnation that have been hovering across the job market in the last two years is nearing its end. The revival coupled with the growing appetite for roles across profiles and sectors indicate that the modest approach will soon taper off and push the increments to reach the pre-Covid level,” TeamLease Services co-founder and executive vice president Rituparna Chakraborty said.