Press Release

Despite People Fearing a Slowdown, India Inc. Bullish on Increments; Reveals AmbitionBox Salary Increment Outlook 2024 survey

  • 65% of employees are expecting an appraisal this year despite people fearing a slowdown

  • But the percentage hike this year is expected to be lesser compared to last year, say 44% of employees

  • 54% consider non-salary components very important in their overall compensation packages


AmbitionBox, India’s No. 1 platform for company reviews and salary insights, recently conducted the AmbitionBox Salary Increment Outlook 2024 survey amongst 2500 employees to gather insights on their salary increment expectations and outlook for 2024.


With February and March marking the period of employee reviews and appraisals across workplaces in India, the timing of this survey couldn’t be more pertinent to capture their sentiments from a multitude of industries.


According to Deloitte India Talent Outlook 2024 the average pay increase that employers are expected to roll out in India is expected to be 9.0% in 2024, a slight dip from the 9.2% recorded in 2023. Despite this slightly lower projected increase and concerns about an economic slowdown, the AmbitionBox survey reveals employees remain optimistic about their salary prospects. A significant 65% of total respondents expressed confidence in expecting favorable appraisals, highlighting prevailing optimism amidst challenging economic conditions. While 44% of total respondents anticipate smaller pay raises for 2024 compared to the previous year, reflecting cautious sentiments due to economic uncertainties. Interestingly, 22% of all respondents anticipate a salary hike exceeding 30%.


AmbitionBox Salary Increment Outlook 2024 Survey findings: Expected Salary Hike


Expected Hike Percentage

% of respondents



15% – 20%


21% – 25%


25% – 30%





Mayur Mundada, Founder and Business Head of AmbitionBox, commented on the findings, saying, “We at AmbitionBox are continually fascinated by the insights our surveys uncover. This time our survey reflects the resilience of Indian employees amidst their fear of economic challenges. While optimism persists, employers need to navigate this period delicately, managing employee expectations effectively while aligning with market realities- formulating policies, and programs fostering a positive work environment and sustaining motivation among employees.”


Furthermore, a resounding 54% of the participants emphasized the significance of non-salary perks such as insurance coverage, benefits, bonuses, workplace amenities, and leave policies within their comprehensive compensation structures. This underscores the evolving preferences of modern employees across tiers who are cognizant of the constraints of the current economic landscape on salary increments. Employees in these roles are increasingly prioritising holistic benefits beyond monetary remuneration, indicative of a broader shift towards stability and long-term career considerations.


A diverse pool of about 2500 employees on the platform participated in the survey, with a 77% male representation. 77% of respondents were from the age group of 20-35 with 55% of those being between the ages of 25-34 years. Among the dozens of listed sectors in this survey, the majority of respondents came from the IT Services and Consulting sector at 17%.


About AmbitionBox:

AmbitionBox is India’s no. 1 platform for company reviews and salary insights. It is an online platform for users to search and share company reviews, salaries, potential interview questions, and more. Launched in 2015 and acquired by Naukri in 2016, the platform benefits both job seekers and employers, offering employers to improve their employer brand through various tools, encourage employee reviews, showcase their work culture, introduce team members, highlight employee benefits, and gain insights about their company’s page.