At around 7%, wage increase in India in 2022 was higher than global average: Report

economictimes.indiatimes.com:

wages increase by 7.2% on average in 2022 compared with 7% for women, according to a new report.

Globally, the paycheque increase was 6.7% on average for men compared with 6% for women, says the ‘ADP Research Institute's People at Work 2023: A Global Workforce View’ report.

The report, based on a survey of more than 32,000 workers across 17 countries, shows that the gender pay gap in India was lower than the global average.

It says male and female workers in India expect their pay cheques to increase at the same rate-- 8%--over the next 12 months.

Some 63% of the Indian survey participants expressed confidence in their company's advancement toward achieving gender pay equality over the last three years. This surpasses countries in the Asia-Pacific (APAC) region, with Australia at 34%, China at 51% and Singapore at 31%.

While men received slightly higher pay raises last year, they are still more inclined than women to express dissatisfaction with their compensation.

Only 25% of the male workers said they believe they are compensated fairly compared with 31% for women. Overall, 49% of workers said they continue to feel they are underpaid, while 17% said they feel they are overpaid, according to the survey.

Senior employees saw significantly higher pay increases last year compared with the younger workers, with those aged 55 and above reporting an average pay increase of 10%.

In contrast, workers in the 18-24 age group saw a lower average pay hike of 6%. While those in the 25-30 age bracket saw an increase of 7% on average, it was about 8% increase for the ones in the 35-44 and 45-54 age groups.