India
oi-Deepika S
Creating
jobs
for
millions
of
young
people
entering
the
job
market
remain
the
biggest
challenge
for
Prime
Minister
Narendra
Modi’s
administration
ahead
of
national
elections
in
2024.
New
Delhi,
Jan
17:
Companies
in
India
are
projected
to
dole
out
an
average
salary
hike
of
15
to
30
per
cent
more,
in
Asia’s
biggest
pay
increase
this
year,
as
they
look
for
key
talent
and
niche
skills,
says
a
report.
Image
On
average,
pay
in
the
South
Asian
nation
will
increase
by
9.8%
in
2023
after
a
9.4%
bump
last
year,
according
to
a
survey
by
Korn
Ferry.
The
news
comes
as
a
major
relief
to
Indians
amid
layoff
season
that
has
gripped
the
world.
According
to
the
report,
High-tech
industries,
life
sciences
and
healthcare
lead
the
pack
with
jumps
of
more
than
10%.
The
Indian
economy
is
more
resilient
today
that
what
it
was
10
years
back.
While
it
is
also
one
of
the
most
populous
–
with
millions
entering
the
workforce
each
year,
the
overall
unemployment
rate
remains
a
concern.
More
Findings:
Korn
Ferry,
which
surveyed
818
companies
in
India
employing
more
than
a
combined
800,000
staff,
found
61%
of
organisations
are
providing
retention
payments
to
key
individuals.
“The
9.8%
rise
for
India
compares
with
3.5%
in
Australia,
5.5%
China,
3.6%
Hong
Kong,
7%
Indonesia,
4.5%
Korea,
5%
Malaysia,
3.8%
New
Zealand,
5.5%
Philippines,
4%
Singapore,
5%
Thailand,
8%
Vietnam,”
according
to
a
Bloomberg
report.
According
to
the
Centre
for
Monitoring
Indian
Economy
(CMIE),
India’s
unemployment
rate
in
December
increased
to
a
16-month
high
at
8.30
percent
from
8.00
percent
in
December.
The
CMIE
data
further
showed
that
the
urban
unemployment
rate
rose
to
10.09
percent
in
December
from
8.96
percent
in
the
previous
month,
while
the
rural
unemployment
rate
slipped
to
7.44
percent
from
7.55
percent.
Containing
high
inflation
and
creating
jobs
for
millions
of
young
people
entering
the
job
market
remain
the
biggest
challenge
for
NDA
government
ahead
of
national
elections
in
2024.
