India set to witness highest salary hike in world in 2023; Pakistan among lowest five

Source | economictimes.indiatimes.com | Alex Millson, Bloomberg

Soaring inflation is set to put a major dent in salary increases for the second year running in 2023, according to a new survey that sees just 37% 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%, according to workforce consultancy ECA International.

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

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