25,000 in government sector per month while it can range from 30-40 thousand per month in the private sector. The average starting salary for an MBBS doctor is Rs. But the lower rate of inflation embedded in the numbers may also foreshadow expectations of a stalling economy in several key countries, which could in turn lead to higher rates of unemployment,” said Don Lowman, Korn Ferry Global Leader, Rewards and Benefits. The government hospitals normally pay less. “There is good news for workers in these numbers in that real wage growth is projected to be higher than in 2019. Considering a global inflation rate prediction of approximately 2.8 per cent, the real-wage salary increase is predicted to grow at a rate of 2.1 per cent.
The report also revealed that salaries across the globe are predicted to grow at a rate of approximately 4.9 per cent in 2020. Last year, Willis Towers Watson’s 2018 Salary Budget Planning Report had predicted a 10 per cent rise in the salaries of Indian employees for 2019. Owing to the current economic situation and government reforms, there is a sense of “cautious optimism across sectors in India” which projected a high salary increase. However, in terms of real salary increases considering the inflation rate, India claimed the second position with 5 per cent after Indonesia which claimed the top position with 5.1 per cent.Ĭredit: Korn Ferry Global Salary Forecast 2020Īccording to media reports quoting Rajiv Krishnan, managing director at Korn Ferry Advisory India, the country projected a strong growth even at a time when real wages have gone down. Taiwan and Japan will see the least salary hikes of 2 and 3.9 in 2020. Malaysia, China and South Korea are expected to see salary growth in the range of 4-6. While India leads the salary increase with 9.2 per cent in Asia, the second position has been claimed by Indonesia with 8.1 per cent followed by Vietnam with 7.7 per cent and China with 6 per cent. India Salary Hike 2020: Only Indonesia is expected to come close to India with an average 8.1 salary hike in 2020, the Korn Ferry report says.
Considering the inflation rate of 2.2 per cent, real-wage salaries are projected to be 3.1 per cent. The government aims at 'transforming the development agenda of India' with. It also said that the highest real wage growth is expected in Asia, with salaries forecast to grow by 5.3 per cent in 2020. The GDP deflator measures the average level of the prices of all the goods. India May Lead Salary Increase In AsiaĪccording to the report, India might see the highest salary growth in Asia. The report, however, said that inflation may cause a setback to this projection and thus the real salary increase in India is estimated to be 5 per cent. Indian employees may see a 9.2 per cent growth in their salaries according to a recently released report, Korn Ferry Global Salary Forecast 2020.
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