Salary growth falls to 9% in FY23 led by agri, auto, BFSI sectors: Report

Job market experienced slower salary growth in 2022-23, as the overall increments decreased to 9 per cent from 10 per cent in the previous financial year mainly due to sectors including agriculture and agrochemicals, automobile and allied, BFSI among others, a report said on Tuesday.

The overall salary growth has dipped in FY23 to 9 per cent compared to 10 per cent in 2021-22, according to staffing company Teamlease Services' 'Jobs and Salary Primer Report' for 2022-2023.

Agriculture and agrochemicals, automobile and allied, banking, financial services and insurance, BPO and IT enabled services, construction and real estate, educational services, fast moving consumer durables, FMCG, hospitality, industrial manufacturing and allied, power and energy, ecommerce and tech start-ups, healthcare and allied industries and retail exhibited less than 9 per cent growth.

The Teamlease Services Jobs and Salary Primer Report FY22, covered 403 employers and 357 unique employees across 9 hub citie