Employees in India are expected to get the highest average salary increments in the Asia Pacific region this year, reports The Economic Times, citing a report from Korn Ferry. India’s formal jobs sector is likely to see an average pay raise of 9.8% in 2023, compared with 9.4% last year. In Asia-Pacific, Vietnam comes in second place, with a 7% increase expected in 2023. Employees in Australia are likely to get the lowest increment, at just 3%.

“Although recession and economic slowdown are being discussed across the globe, the Indian economy is far more resilient," Navnit Singh, chairman and regional managing director at Korn Ferry, told the Economic Times. "Multinationals may have pulled back on hiring but Indian companies, across conglomerates and MSMEs (micro, small and medium enterprises), are still on a growth path. There is still a shortage of talent."