Indian companies have awarded pay increments of more than 10% this year, The Economic Times (ET) has reported, citing research from Naukri.com. The research showed that employees in India received generous hikes despite a tough start in 2023 that saw large-scale layoffs. More than half, or 6 in 10 people, received double-digit increments, while a fraction even received hikes up to 20-25% for their performance. Furthermore, most of the employees worked at entry-level positions. More than half of the respondents (56%) said that their companies followed the April-March appraisal cycle. Pawan Goyal said, “This year's appraisal wave embodies optimism, demonstrating the robustness and resilience of the Indian white-collar job market in the face of uncertainties."

Most employees receiving appraisals in the April-March cycle were from the banking, financial services and insurance (BFSI) sector and manufacturing. Most employees working in these domains got an increment of 10%-12%. Moreover, variable and bonus payouts also saw a similar trend and were better or in some cases equal to last year, the research showed. However, about 25% of employees have not received a hike so far as their employers do not follow the April-March cycle. Meanwhile, approximately 50% of employees were satisfied with the appraisals they received.