Automakers take lead in FY24 salary hikes with double-digit raises
Deloitte survey shows.
“Automotive OEMs are projecting the highest salary increments across all sectors in 2024, which is 100-140 basis points (or, 1-1.4 percentage points) above India average of 9.0%-9.5%,” said Neelesh Gupta, partner at Deloitte India.
Most organisations that follow the April to March fiscal cycle hand out salary increments during April to July. About 84% of the companies surveyed by Deloitte have already doled out this year’s increment.
According to sources familiar with the development, average increment for FY 2024 at top carmaker Maruti Suzuki and leading motorcycle maker Hero MotoCorp stood at about 13-14% and 10-11%, respectively. Hyundai Motor India, too, gave annual increments in early double-digits, they said.
Maruti Suzuki, Hero MotoCorp and Hyundai Motor declined to comment on queries sent by ET.
As per Deloitte, the average salary hike in the auto sector this year is 10.4%. The increments for top performers in the sector are higher than 2023.
“We are seeing sharper differentiation as the top performers’ hikes have been on an average 16.5% in 2024 versus 15.9% in 2023, which is 1.7x to that of an average performer,” Gupta said.
A Tata Motors spokesperson said the company rewarded its employees with higher performance pay in FY24 as an acknowledgement of their significant contribution in the overall growth and improvement in the financial performance of the organisation.
“For the last few years, Tata Motors has been following the practice of judiciously differentiating
