The average salary hike among India’s top five (IT) firms will be in the 5-8.5% range, reports the Business Standard (paywall), citing experts including leadership from TeamLease Digital, Xpheno, and Wipro. Employees may expect hikes of low-mid to higher single digits, they said.

“We have been hearing that the average hikes among the top-tier firms will be around 7-8%. Of course, the top performers will continue to see double-digit hikes ranging from 12-18%,” said Neeti Sharma, chief executive officer (CEO) of TeamLease Digital.

“The collective of the top seven IT services companies registered a 3.4% annual revenue growth in the quarter ending June 2024, compared to June 2023. Accordingly, the collective has controlled compensation costs with a 2.8% annual growth for the same period,” said Kamal Karanth, founder and CEO of Xpheno.

Experts said the good news is that there will be salary hikes, but it is uncertain when they will be implemented. Tata Consultancy Services (TCS) is the only one in the industry to announce salary hikes this year. Infosys, HCLTech, Wipro and Tech Mahindra are yet to do so.

Most IT companies have said they will decide about hikes in the second quarter of FY25.