Salary Curve Drops To 9% in FY23!!! Major Sectors Got Affected: The salary growth in the markets is affected and it gets reduced to 9% in FY23 for sectors like agriculture, agrochemicals, automobile, and banking and financial institutes (BFSI). The previous year’s rate is 10% which is high when compared to the previous economical growth.
According to the report, the salary decay is for Agriculture and agrochemicals, automobile and allied, banking, financial services and insurance, BPO and IT-enabled services, construction and real estate, educational services, fast-moving consumer durables, FMCG, hospitality, industrial manufacturing and allied, power and energy, e-commerce and tech start-ups, healthcare and allied industries and retail marketing sectors.
The report also states that salary decay also happens in various industries across the country. The salary report tracker covered almost 403 employers, 357 unique employees across 9 hub cities, and 17 industries. This decay in salary growth is due to the slow-paced movement of the economy and other socio-economic factors.