Salaries at Indian Software Companies Jumped 54% in 1H; Overall Salaries Rose 22%

India registered a record 22% salary rise in the first half of 2006-07, driven by job boom and the shortage of talent. By comparison, the wage hike was 17%  in 2005-06 and between 8.35% and 12.6% in the previous three years, reported Business Standard.

However rising corporate profits seem to dwarf the record salary levels.  The pre-tax profits of 1,900 listed companies in India increased 36% in the first half, while their salary bill rose by 21.94%. Salaries as a percentage of sales also declined from 7.04% in the first half of 2005-06 to 6.66% in first half of 2006-07.

Indian Corporate Salary Increases
First Half of 2006-07 Fiscal Year (Apr. - Sept. 2006)

Sector Salary Rise H1 2006-07
Retail 100%
Airlines 93.2%
Software services 54%
Private Sector banks 48%
Media and entertainment 40.5%
Print media  26%
Manufacturing industries 20%
Public sector banks 4%

Salaries in fast growing service industries like information technology, telecommunications, media, private banks and airlines rose between 30% and 50% in the first half. 

Software services companies reported a 54% increase in salaries. These companies have increased their payrolls by over 150,000 in the last 18 months.

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