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Our Bureau

New Delhi March 15 Despite the hype about increase in wages in the IT industry, it is the insurance sector that has witnessed the highest salary hikes in 2006.

As per the Hewitt Associates' annual salary increase survey of 600 companies and 21 industries, the insurance sector saw the highest jump in salaries, by almost 17.1 per cent, in 2006.

This is projected to grow at 16.1 per cent in the current year; banking and financial services saw salaries grow at 17 per cent last fiscal, which are estimated to grow at 16.5 per cent in the year ahead.

The increase in salary in the ITeS sector stood at 15.6 per cent last year and is projected to increase at 14.8 per cent this year, against the IT sector that registered 15.4 per cent wage increase and is projected to maintain a similar growth rate in the year ahead.

As per the survey, the telecom sector reported a jump of 15.1 per cent in salaries last year, which are expected to grow at 15.7 per cent followed by healthcare and medical sectors where salaries grew at 12 per cent and are expected to increase at 12.7 per cent in the current year.

In the case of senior and top-level employees, salaries increased by 13.9 per cent last year and are expected to rise at 14.2 per cent.

Middle level management employees saw 15 per cent hike in salaries, with a likelihood of another one percentage point increase in the current year.

For the lower level professional and technical workforce, salaries rose by 16 per cent last year. However, the growth is projected to slow down to 15.8 per cent in the current year.

"Compensation now plays an increasingly fundamental role in attracting talent and ensuring ongoing employee engagement. Salaries in India continue to rise and will most likely reach the same levels as more developed economies in Asia in the future," said Mr Sharad Vishvanath, Business Leader, Hewitt's Talent and Organisation Consulting Analytics Practice, India.

The report puts the increase in salaries of Indian employees at 11.9-16 per cent last year and projects a jump of 14.5 per cent in 2007, making it the fourth consecutive year when salaries continue to grow at double-digit rates.

More Stories on : Economy | Human Resources | Insurance

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