A Times of India survey predicts that in 2024, junior level employees will see average compensation increases of 15–25% and overall salary increases of 25–40% for those who change positions in India. This is far more than the 7–20% annual income increase that those who stay in their existing positions typically receive.

The real pay raise you can anticipate will, however, rely on a number of variables, such as the market’s supply and demand, the industry, the company’s performance, and the rate of inflation.

For instance, senior-level job transfers in banking and financial services might bring income increases of 20–25%, according to Michael Page’s 2024 income Guide for India. P&L heads in the construction and real estate sectors might anticipate salary rises of 20–40%.