The Salary Increase Survey by professional services firm Aon showed that India Inc is likely to offer a salary hike of 7.7 percent in 2021. It revealed that 88 percent of surveyed companies reported that they intend to increase salaries in 2021 in India, MoneyControl.com reported.
Several companies had gone for salary cuts, and pay freeze during the pandemic.
Moneycontrol.com reported that the average hike in 2020 was 6.1 percent with 75 percent companies offering hikes. Since 2012, salary hikes in India have seen a declining trend. The year 2020 saw the sharpest decrease to 6.1 percent due to Covid-19.
According to the report, the Aon survey said that among sectors, e-commerce and venture capital-backed firms will offer highest salary hike of 10 percent while hospitality/restaurants will offer the lowest at 5.5 percent in 2021.
The study analysed data across 1,200 companies from more than 20 industries.
Nitin Sethi, partner and CEO of Aon’s performance and rewards business in India said that they expect organizations to review their compensation budgets in the second half of the year once the exact financial impact of the Labor Codes is known.
“It is also possible that some of the salary increments may not translate into higher cash-in-hand for employees if organizations choose to pay higher provident fund contributions on the new definition of Wages,” he added.
Despite a tough 2020 with stringent lockdowns, India continues to project the highest salary increases among the BRIC nations.
Roopank Chaudhary, partner in Aon’s human capital business in India said that the highest-paying sectors in 2021 continue to be the ones from last year. These include IT, ITeS, life sciences, e-commerce and fast-moving consumer goods (FMCG).
“It is notable that the sectors that were adversely impacted by COVID-19, such as retail, hospitality and real estate, are projecting healthy increases in the range of 5-6 percent. Such numbers reflect their intent to stay relevant and to control attrition, which had increased for these industries last year,” he added.
Airline CEOs, Biden Officials Consider Green-Fuel Breaks
Chief executives of the nation’s largest passenger and cargo airlines met with key Biden administration officials Friday to talk about reducing emissions from airplanes and push incentives for lower-carbon aviation fuels.
The White House said the meeting with climate adviser Gina McCarthy and Transportation Secretary Pete Buttigieg also touched on economic policy and curbing the spread of COVID-19 travel has been a vector for the virus. But industry officials said emissions dominated the discussion.
United Airlines said CEO Scott Kirby asked administration officials to support incentives for sustainable aviation fuel and technology to remove carbon from the atmosphere. In December, United said it invested an undisclosed amount in a carbon-capture company partly owned by Occidental Petroleum.
A United Nations aviation group has concluded that biofuels will remain a tiny source of aviation fuel for several years. Some environmentalists would prefer the Biden administration to impose tougher emissions standards on aircraft rather than create breaks for biofuels.
Biofuels are false solutions that dont decarbonize air travel, said Clare Lakewood, a climate-law official with the Center for Biological Diversity. Real action on aircraft emissions requires phasing out dirty, aging aircraft, maximizing operational efficiencies and funding the rapid development of electrification.
Airplanes account for a small portion of emissions that cause climate change about 2% to 3% but their share has been growing rapidly and is expected to roughly triple by mid-century with the global growth in travel.
The airline trade group says U.S. carriers have more than doubled the fuel efficiency of their fleets since 1978 and plan further reductions in carbon emissions. But the independent International Council on Clean Transportation says passenger traffic is growing nearly four times faster than fuel efficiency, leading to a 33% increase in emissions between 2013 and 2019.
The U.S. accounts for about 23% of aircraft carbon-dioxide emissions, followed by Europe at 19% and China at 13%, the transportation group’s researchers estimated.
The White House said McCarthy, Buttigieg and economic adviser Brian Deese were grateful and optimistic to hear the airline CEOs talk about current and future efforts to combat climate change.
Nicholas Calio, president of the trade group Airlines for America, said the exchange was positive.
Airlines are ready, willing and able partners, and we want to be part of the solution” to climate change, Calio said in a statement. We stand ready to work in partnership with the Biden administration.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
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