Mumbai, Feb. 21 -- India's corporate sector is expected to roll out a 9.5% average salary increment in 2024, a slight decline from the 9.7% actual increase seen in 2023, according to a report by consulting firm Aon.

This projected hike, the lowest since the 9.3% hike in 2021, comes on the back of global economic challenges and tempering of hiring sentiment.

However, increased government spending on infrastructure and easing inflationary pressures are expected to bring more cash into employees' pockets, post the hikes, the report said.

Consulting firm Aon's 'Annual salary increase and turnover survey 2023-202' projected the manufacturing sector to roll out the largest hikes at 10.1% followed closely by the life sciences and financial in...