How a strategic approach will make your 2024 salary increases more effective. Finance and corporate affairs minister smt nirmala.
In 2023, 96% of organizations increased salaries (compared to 63% in 2020) as overall salary increase budgets and total compensation spend reached new heights. According to payscale’s 2024 compensation best practices report, the average base pay increase given in 2023 was a whopping 4.8 percent, and the average planned for 2024 is 4.5 percent.
Organizations Are Projecting 4.1% Pay Increase Budgets In 2024 To Remain Competitive In The Labor Market.
The government has a proposal to raise the salary @ 25% of basic pay in the shape of adhoc relief allowance 2024.
If The Government Decides On A 4% Dearness Allowance Hike, Employees Could Witness A 50% Increase In Dearness Allowance From January 1, 2024.
Employers are planning an overall average salary increase of 4.0% for 2024.
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Sources Said The Government Is Working On Different Proposals For Salary Increases In The Range Of 10 To 15% For Public Sector Employees In The Upcoming Budget.
How a strategic approach will make your 2024 salary increases more effective.