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India's biggest salary survey - Aon's 25th Annual Salary Increase Survey 2021 came out with the results yesterday for India Inc.
The new definition under the Code of Wages, 2019, includes three components: Basic pay, dearness allowance and retention payment.
Despite a tough 2020, India continues to project the highest salary increases among BRIC nations, according to Aon’s 25th Annual Salary Increase Survey in India.
The Salary Increase Survey by professional services firm Aon showed that 88 percent of surveyed companies reported that they intend to increase salaries in 2021 in India.
According to Nitin Sethi, CEO, India and South Asia - Performance, Rewards & Organisation Effectiveness, Aon, this is a part of the move to clean and simplify compensation structures.
Vishal Grover panel discussion over New job code: Government to include 4-day work week.
Big-ticket components under analysis include a retrospective increase in liabilities for benefit plans, such as gratuity and leave encashment, particularly for organisations where the employee base is long-tenured.