India to witness highest salary hike in 2023; Sri Lanka among lowest in the World

27 October 2022 02:59 pm - 12 - {{hitsCtrl.values.hits}}

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At a time rising inflation is set to put a major dent in salary increases for the second year running in 2023, India is set to see the highest rise in real salaries in the world. However, ECA’s Salary Trends Survey, based on information collected from over 360 multinational companies in 68 countries and cities, sees just 37 per cent of countries globally expecting to report real-term wage hikes.

The worst-hit region is likely to be Europe, where real salaries — nominal wage growth minus the rate of inflation — are seen being driven down an average 1.5 per cent, according to the workforce consultancy, Bloomberg said quoting the survey findings.

According to the report, the US has seen a real-terms drop of 4.5 per cent this year is expected to be reversed by falling inflation next year, translating into a 1 per cent real-terms salary hike.

Also, amid the ongoing economic turmoil, UK employees suffered their biggest hit this year, since the survey kicked off in 2000. Despite a 3.5 per cent average nominal pay increase, salaries in real terms fell 5.6 per cent, due to 9.1 per cent average inflation. They are set to tumble another 4 per cent in 2023.

Meanwhile, what comes as a piece of news to cheer, Asian nations make up eight of the top 10 countries forecast to see real salaries rise, led by India, up 4.6 per cent, Vietnam rising 4.0 per cent and China up 3.8 per cent.

ECA International’s Regional Director for Asia, Lee Quane, said: “Our survey indicates another tough year for workers globally in 2023. Only around a third of the countries surveyed are forecast to see real-terms salary increase, though this is better than the 22 per cent that experienced increases this year.” Average salaries fell 3.8 per cent in 2022, according to ECA.

These are the top 10 countries and their predicted real-terms salary increases in 2023:

India (4.6 per cent)
Vietnam (4.0 per cent)
China (3.8 per cent)
Brazil (3.4 per cent)
Saudi Arabia (2.3 per cent)
Malaysia (2.2 per cent)
Cambodia (2.2 per cent)
Thailand (2.2 per cent)
Oman (2.0 per cent)
Russia (1.9 per cent)
And the bottom five, with their expected decreases:
Pakistan (-9.9 per cent)
Ghana (-11.9 per cent)
Turkey (-14.4 per cent)
Sri Lanka (-20.5 per cent)
Argentina (-26.1 per cent)

Comments - 12

Ranjan Thursday, 27 October 2022 05:18 PM

Dont worry. When election time comes, there will be a lot of promises and finally the private

What a country ! Thursday, 27 October 2022 06:03 PM

Oh India is leading the world in finance. But thousands of children and adults go missing in India every year and their organs appear by “ magic “ in oil rich desert countries in the Middle East. This shows the professionalism of the “ well paid” Indian Doctors !

Lanka Thursday, 27 October 2022 06:41 PM

Sri Lanka has no money for wages because all monies go to the politicians and to the bribery and corrupt goons.

Think about it Thursday, 27 October 2022 06:44 PM

Don’t compare the Port City to Singapore or Dubai. The Port City will be a small part in the big Sri Lanka which is a normal country. But Singapore or Dubai are entirely cities , there is no NORMAL LIFE in these two places. If the multinationals and foreign investments pull out of Singapore and Dubai then both of them would collapse within six months. But if that happens in the Port City , Sri Lanka is not going to collapse. This is the reason Singapore is not included in the G20 of rich nations but poor Indonesia is in that list.

joshua Thursday, 27 October 2022 08:29 PM

we will be at the bottom as long as we are governed by a bunch of uneducated rogues. My thanks go to the large amount of headless voters

Karalasingam Sivalingam Thursday, 27 October 2022 08:44 PM

A SriLankan parties that governed Sri Lanka are responsible for this plight, the masses should defeat all these politicians and send them to Jail, as Sudan did, the wheels of Karma will come around the corrupt soon, rougs and corrupt politicians staging stage dramas again, none is around corrupt today, only a handful of opportunistic people around the corrupt politicians.

UPUL Thursday, 27 October 2022 08:44 PM

Pakistan and We are in the same league but we think we are the best always......Jaya weva.....

Athk69 Thursday, 27 October 2022 09:32 PM

And the politicians want to widen the tax net by taxing salaried employee who earn a nominal amount of over Rs. 100,000 per month - just to please their western masters. Budget 2023 is asking for huge government expenditure. Where is the sense in all of this? Wake up to reality!

Vive James Friday, 28 October 2022 06:59 AM

Politicians distorts reality and poor votes by their arguments. If you look back why did we brought Gota? Soul searching is good to take the next step correctly. 69 lakhs.

Muhunthan (Walker) Sothilingam Thilagawathy Friday, 28 October 2022 09:26 AM

Prayers for Ceylon innocent workers. Hope the Ceylon and Tamils Lands are going towards sustainable farming and other oriented family based businesses. But for the big company workers hard luck.

Thiruvengadam Friday, 28 October 2022 09:49 AM

Sri Lanka was well off than India and almost all of Asia! The reasons for this fall, almost insurmountable, are well known to Sri Lankans! If they quietly, calmly think over it, they could reverse it!

Lankan Friday, 28 October 2022 11:39 AM

While our neighbour India and Indians living overseas are prospering and getting richer and richer holding top jobs in countries like the UK and US etc. we Sri Lankan's are getting poorer and poorer by the day and have to beg for food and aid from around the world. They say jealousy and hatred towards one another and racial tension towards the minorities is why we are still struggling. We boast about a 2500 year civilisation and should try to do better. They say every action has an equal and opposite reaction.

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India to witness highest salary hike in 2023; Sri Lanka among lowest in the World

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