India’s top finance professionals are expected to get bigger salary hikes than their peers in Hong Kong and Singapore this year as global banks tap into the country’s expanding economy.
Salaries for bankers in India could rise by more than 9% this year, compared to 4-5 per cent in the two Asian cities, Bloomberg Intelligence senior analyst Sarah Jane Mahmud wrote in a note Tuesday. The report cited survey data from consulting firm Aon.
Heads and directors at investment banks in India’s major financial hubs such as Mumbai and GIFT city, the nation’s free trade zone, already earn more than their regional peers. The average salary is 24 per cent higher than in Hong Kong and 37% more than in Singapore, according to Bloomberg Intelligence’s analysis of a survey by recruiter Michael Page.
Growth in the Indian economy is seeing a boost from a rebound in investments even as global trade uncertainties weigh on the country’s broader outlook. Foreign lenders such as Japan’s Mitsubishi UFJ Financial Group Inc. are continuing to expand in the South Asian nation, while Julius Baer Group Ltd. is seeking to triple the wealth assets it manages, the Bloomberg Intelligence report said.
While India has higher income tax rates than Singapore and Hong Kong, its lower cost of living may still be a draw, according to the report.
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