The COVID-19 outbreak has had a significant impact on every aspect of life. When the COVID-19 pandemic struck India last year, it caused unprecedented disruptions in the job market.
Many sectors had to shut offices overnight, suffering huge losses, which led to massive layoffs, salary cuts.
However, after almost over a year, the job market can be seen gradually recovering along with growth in salary as well.
Recently a survey revealed that on the back of economic recovery and improved confidence, companies will give out at least 8.6 per cent increments to the employees in 2022. If this turns true, increments in 2022 would reach the pre-pandemic levels of 2019.
According to the Workforce and Increment Trends survey 2021 by Deloitte, in 2021, around 92% companies in India gave an increment at an average of 8%. In 2020, just 60% companies had extended a salary hike at an average of 4.4%.
About 25% companies surveyed have projected a double-digit increment for 2022, as per the second phase of Deloitte's Workforce and Increment Trends survey 2021.
The survey further indicated that the IT sector is likely to offer double-digit increments in 2022, followed by Life Sciences sector. However, some digital / E-commerce companies are also planning to give some lucrative increments.
However, not all employees are expected to get the same increment as companies may differentiate pay increases by skills and performance.
Video Editor: Partha Narayan Das
Producer: Sanchita Mondal