The Salary Budget Planning report released by Willis Towers Watson said the median salary increase at the executive level for 2020 is projected at 10.1%, an increase from 9.6 per cent in the previous year.
Vinay Umarji
In terms of highest paying countries, Australia tops at entry and mid-management levels.
Once average inflation for India of 5.7 per cent is taken into account, the projected increase in real terms for 2017 will be 4.3 per cent
The estimated 10 per cent average hike in 2019 is at par with the actual rate of increase in the previous three calendar years in India
'Generic skills are in abundance, but technological advancements have left staple skills redundant.' 'It is why employers are now looking for alternate sources of hiring -- deploying gig workers, looking at Tier 2 and Tier 3 cities for relevant talent.'
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
HR experts believe however that times are changing and more and more companies are planning a revamp of their appraisal systems
The Piramal group and Zurich Insurance have decided to jointly bid for Reliance General Insurance, a subsidiary of Reliance Capital. The groups had earlier submitted separate bids for the general insurance business of bankrupt Reliance Capital. Both Piramal and Zurich will hold 50 per cent each in the proposed special purpose vehicle (SPV).
The Ola Money and Uber tie-ups demonstrate how insurance companies, including even government-run ones, are forging partnerships with every possible service company to offer products.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
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