Guwahati: India will experience the largest global salary growth in 2023, with a 4.6% increase, according to a survey by workforce consultancy ECA international, as reported by India Today. Eight of the top 10 countries where real wages are expected to rise are Asian countries. This occurs in 2022, a year in which average incomes decreased by 3.8%.
According to Bloomberg, the ECA’s compensation trends survey is based on data gathered from more than 360 global corporations across 68 countries and locations.
India, Vietnam (4.0 per cent), China (3.8 per cent), Brazil (3.4 per cent) and Saudi Arabia (2.3 per cent) are the nations expected to see wage hikes in 2023, while Pakistan (-9.9 per cent), Ghana (-11.9 per cent), Turkey (-14.4 per cent) and Sri Lanka (-20.5 per cent) are expected to see the highest decreases.
According to the survey, only 37% of countries are anticipated to record genuine compensation gains as skyrocketing inflation would severely hamper wage growth in 2023. Europe is most likely to have been the worst-hit area.
This year, the survey’s respondents in the UK took the largest blow since it began in 2000. Despite an average nominal pay increase of 3.5%, incomes in real terms decreased by 5.6% as a result of an average inflation rate of 9.1%. In 2023, they are projected to decline by an additional 4%.
In the US, a real-terms decline of 4.5% this year is anticipated to be reversed by dropping inflation next year, resulting in a raise in salaries of 1% in real terms.