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ADP's survey shows 73% of Indian workers are satisfied with their salaries, the highest globally, with upto 81% job satisfaction. Despite positive trends, over half report incorrect payments, highlighting the need for accurate payroll systems

73% of Indian employees content with their salary: ADP survey

<h2>ADP's survey shows 73% of Indian workers are satisfied with their salaries, the highest globally, with upto 81% job satisfaction. Despite positive trends, over half report incorrect payments, highlighting the need for accurate payroll systems</h2>

According to ADP's annual flagship survey, "People at Work 2024: A Global Workforce View," 73% of Indian workers are satisfied with their salaries, marking a substantial increase from 49% in 2023.
This percentage is the highest among the 18 countries surveyed globally. The survey, which included responses from 34,612 workers across multiple regions, highlights that salary remains the most critical factor for 55% of Indian workers when evaluating their jobs.
<h3>Salary in India</h3>
India also leads in job satisfaction rates, with 81% of respondents expressing contentment. Notably, female workers report higher satisfaction levels (84%) compared to male workers (78%). The education sector stands out with an impressive 88% satisfaction rate, the highest across all sectors surveyed.
Rahul Goyal, managing director of ADP India &amp; Southeast Asia, emphasized the importance of fair compensation in fostering financial wellness and employee engagement. "At ADP, we believe that pay is the core foundation of financial wellness. It's encouraging to see workers more satisfied with their compensation, which translates to more productive and engaged workforces," he said.
Goyal also highlighted the need for employers to offer competitive compensation amid strong economic growth and talent competition. He suggested that, in addition to fair pay, employers could retain talent through additional benefits such as paid time off, one-time bonuses, shopping vouchers, training, and promotion opportunities.
Despite the positive trends, the survey reveals a significant issue: more than half (55%) of Indian workers regularly receive incorrect payments. This underscores the need for robust payroll systems to ensure accurate and timely compensation.
The survey also found that 41% of Indian workers have two or more sources of income, the highest percentage among the countries surveyed. This behavior is primarily driven by the desire for an affluent lifestyle, with 37% of these workers saving for significant purchases and 35% aiming to improve their lifestyle through additional income streams.
The ADP Research Institute conducted the survey between October 22 and November 24, 2023, encompassing a diverse sample of workers, including those in the gig economy, from regions such as Europe, Asia Pacific, Latin America, and North America.
Also watch: <a href="https://www.editorji.com/business-news/elon-musk-s-tesla-plans-stock-based-compensation-for-high-performers-1718701089797">Elon Musk's Tesla plans stock based compensation for high performers</a>

As per Aon's Annual Salary Increase and Turnover Survey 2023–24 India's job market is expected to see 9.5% hike in salaries in 2024 and the attrition rate in 2023 declined to 18.7% from 21.4% in 2022

Salaries in India projected to rise by 9.5% in 2024, manufacturing sector to lead: Aon Survey

<h2>As per Aon's Annual Salary Increase and Turnover Survey 2023&ndash;24 India's job market is expected to see 9.5% hike in salaries in 2024 and the attrition rate in 2023 declined to 18.7% from 21.4% in 2022</h2>

Aon which is a British-American professional services and management consulting firm in its Annual Salary Increase and Turnover Survey 2023&ndash;24 for India has projected a 9.5% hike in salaries in 2024. This however is a slight decrease from the actual 9.7% salary increase seen in 2023.
<h3>Salary hike in 2024</h3>
The report further mentioned that India continues to roll out the highest salary increases among the major economies in the APAC region. As per the report, after the post-pandemic high increments in 2022, the salary increase in India seems to have stabilised at high single digits.
Also Read: <a href="https://www.editorji.com/business-news/salary-offers-to-it-professionals-plummet-up-to-40-report-1708328766138">Salary offers to IT professionals plummet up to 40%: Report</a>
The real wage growth is expected to be higher compared to 2023 even as the inflation is projected to ease down in 2024.
Financial institutions, engineering, automotive, and life sciences are projected to get the highest salary increases, while retail and technology consulting and services are on the lower side of the spectrum.
Manufacturing sector leads, with an expected salary rise of 10.1% in 2024 followed by Life sciences and financial services at 9.9%, &nbsp;Global Capability Centers at 9.8%.
&ldquo;The projected increase in salaries in the Indian formal sector indicates a strategic adjustment in response to the evolving economic landscape. Despite a conservative global sentiment, industries such as infrastructure and manufacturing continue to project robust growth, indicating the need for targeted investments in certain sectors&rdquo;, said Roopank Chaudhary, partner and chief commercial officer for Talent Solutions at Aon in India
<h3>Attrition Rate</h3>
The report also noted a decline in the attrition rate from 21.4% in 2022 to 18.7% in 2023. This hints at a possible peak at the Turnover rate, suggesting a competitive job market. A lower attrition rate is seen as an advantage to the employers as they can focus resources on capability enhancement and productivity.
As per Jang Bahadur Singh, Director for Talent Solutions at Aon in India, organisations in 2023 navigated a demanding environment with a generous salary increment amid high attrition rates. He further projected that in 2024 leaders are likely to prioritise building supportive work environments to foster employee engagement in a dynamic job market.
The survey analysed data from 1414 companies spanning nearly 45 industries.
&nbsp;

IT Hirings: With some companies trying to rationalise their workforce, the salary offers to Information Technology professionals have plummeted 30-40%, from about Rs 1 crore per annum received last year

 IT Salaries Drop 40% Amidst Sector Slowdown, says reports

With some companies trying to rationalise their workforce, the salary offers to Information Technology professionals have plummeted 30-40%, from about Rs 1 crore per annum received last year

Salary offers to IT professionals plummet up to 40%: Report

<h2>With some companies trying to rationalise their workforce, the salary offers to Information Technology professionals have plummeted 30-40%, from about Rs 1 crore per annum received last year</h2>

Amid global macro-economic headwinds and IT sector slowdown, the salary offers to Information Technology professionals have plummeted 30-40%, from about Rs 1 crore per annum received last year.
<h3>Information Technology Salary</h3>
As per The Economic Times, the trend kicked off a few months ago with some of the big tech companies seeking to rationalise their workforce. The report quoted Venture Capitalists, recruitment services and executive and said that, after Covid-19 the lower pay-packets are becoming the new normal. Most of the hiring is currently being done by early-stage startups after their series A funding. The report further added that the IT sector employees mostly taking a cut on their variables, which account for nearly 30% of the total compensation
Also Read: <a href="https://www.editorji.com/business-news/it-hiring-plummets-to-14-over-the-last-year-here-s-why-1702390289107">IT hiring plummets to 14% over the last year, Here's why</a>
&ldquo;These are mostly CXOs and senior tech talent who have been laid off in the last few months and have worked with large technology organisations as well as startups,&rdquo; Ratna Gupta, senior partner, ABC Consultants, an executive search and talent advisory firm told The Economic Times.
<h3>Startup hiring</h3>
As per the latest Nasscom report, the IT sector is likely to grow at 3.8% in 2023-24, much slower than 8.1% in the previous financial year. Major Tech companies have been reducing the headcount largely in the past year or so.
Meanwhile, Startups are hiring experienced professionals given the softness with global tech companies. As per The Economci Times, Recruitment services firm Michael Page India is currently helping a few startups, including an&nbsp; edtech firm, find suitable professionals for leadership roles in technology.
We are currently in conversations with candidates who have been laid off and have worked with both big tech companies as well as startups,&rdquo; Pranshu Upadhyay, regional director, head of India technology practice, Michael Page told The Economic Times. &ldquo;They are ready to take a cut of up to 30%.&rdquo;

Blind report reveals Google, Meta lead engineer pay with $780,000 peak base salary. Amazon's approach involves $691,000 in earnings and extended promotions. Apple, Microsoft trail in entry-level compensation

Apple, Google, Meta, Amazon, Microsoft: Who offers the best pay for engineers?

Blind report reveals Google, Meta lead engineer pay with $780,000 peak base salary. Amazon's approach involves $691,000 in earnings and extended promotions. Apple, Microsoft trail in entry-level compensation

In the competitive realm of Big Tech, Apple, Google, Meta, Amazon, and Microsoft are vying to attract top engineering talent with lucrative compensation packages. A recent report by Blind, an anonymous tech employee forum, sheds light on the highest-paying options for software engineers, drawing data from January 2022 to August 2023.
Google and Meta lead in pay According to Blind's findings, Google and Meta stand out by offering the highest salary to software engineers within the Big Tech landscape. Software engineers at Meta enjoyed the highest base salary of up to $780,000, while Google paid $655,000 in 2022.
Apple and Microsoft lag behind Apple and Microsoft trail in terms of entry-level engineer pay. The report indicates that these companies offer relatively lower salaries to early-career engineers compared to their counterparts. According to Blind, both companies pay around $500,000 to their engineers.&nbsp;
Amazon's promotions and pay ranges Amazon emerges with a distinct profile in the report. The study reveals that promotions at Amazon tend to take longer, and the company's salary ranges for engineers are wider than those of its peers. Amazon pays $691,000 to its engineers.&nbsp;&nbsp; With Google and Meta leading the pay scale and each company offering unique advantages, engineers have a diverse range of options to consider when pursuing their career aspirations
Also Watch: <a href="https://www.editorji.com/business-news/infosys-boosts-employee-variable-pay-to-80-for-q1fy24-following-good-performance-1692849132341">Infosys boosts employee variable pay to 80% for Q1FY24 following good performance</a>

25% hike in allowances, and a 19% minimum guaranteed benefit on emoluments that include basic, variable dearness allowance, special duty allowance and attendance bonus will be granted

Coal India to give 25% hike in allowances to non-executive workers

25% hike in allowances, and a 19% minimum guaranteed benefit on emoluments that include basic, variable dearness allowance, special duty allowance and attendance bonus will be granted

State-owned Coal India Ltd (CIL) on Monday said it has reached an agreement with its 2.38 lakh strong non-executive workers over the revision of wages.
Under the agreement reached, a 19% minimum guaranteed benefit from July 1, 2021, on emoluments (basic, VDA, SDA &amp; attendance bonus) and a 25% increase in allowances have been granted, Coal India said in a filing to exchanges.
"The Joint Bipartite Committee for the Coal Industry (JBCCI)-XI consisting of representatives of CIL management, Singareni Collieries Company Limited (SCCL), five central trade unions i.e. BMS, HMS, AITUC, CITU and Indian National Mine Workers' Federation (INMF) on May 20, 2023, recommended and inked National Coal Wage Agreement (NCWA)-XI for the period of five years w.e.f. 01.07.2021," the miner said.
Around 2.81 lakh employees of CIL &amp; SCCL who were on the rolls of the company as on July 1, 2021, would be the beneficiaries post-implementation of the agreement.
Further, CIL has made a provision of Rs 9,252.24 crore for a period of 21 months effective July 1, 2021, to March 31, 2023, for this effect.
The final impact of the 25% increase in allowances will be intimated shortly which is not likely to be significant.
Wages of the non-executive workers, which account for 94% of Coal India's workforce, are revised every five years.
Coal India shares closed lower by 0.60% at Rs 238.35 on BSE on Monday

Live TV can be unpredictable. A TV news anchor in Zambia stunned viewers when he demanded&nbsp;salaries for the channel staff and himself on live programme.
After reading a few headlines during the evening bulletin, presenter&nbsp;Kabinda Kalimina on KBN News took a brief pause to draw attention to the patethic&nbsp;work conditions of journalists and other staff at the channel.
&ldquo;Away from the news, ladies and gentlemen, we are human beings. We have to get paid. Unfortunately, at KBN News we are not getting pain,&rdquo; the journalist complained live on-air. The shocking clip is now going viral.

Viral Video: News anchor stops live bulletin to demand salary

Live TV can be unpredictable. A TV news anchor in Zambia stunned viewers when he complained of not getting paid on live programme. Video is viral

((Start with the byte: WE re human beings, we need to get paid. AT KBN&nbsp;we are being paid...))
Live TV can be unpredictable. A TV news anchor in Zambia stunned viewers when he demanded&nbsp;salaries for the channel staff on live programme.
After reading a few headlines during the evening bulletin, presenter&nbsp;Kabinda Kalimina on KBN News took a brief pause to draw attention to the patethic&nbsp;work conditions of journalists and other staff at the channel.
&ldquo;Away from the news, ladies and gentlemen, we are human beings. We have to get paid. Unfortunately, at KBN News we are not getting pain,&rdquo; the journalist complained live on-air. The shocking clip is now going viral.

Live TV can be unpredictable. A TV news anchor in Zambia stunned viewers when he complained of not getting paid on live programme. Video is viral

Live TV can be unpredictable. A TV news anchor in Zambia stunned viewers when he demanded&nbsp;salaries for the channel staff and himself on live programme.
After reading a few headlines during the evening bulletin, presenter&nbsp;Kabinda Kalimina on KBN News took a brief pause to draw attention to the patethic&nbsp;work conditions of journalists and other staff at the channel.
&ldquo;Away from the news, ladies and gentlemen, we are human beings. We have to get paid. Unfortunately, at KBN News we are not getting pain,&rdquo; the journalist complained live on-air. The shocking clip is now going viral.

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