NEW DELHI: India is ranked first among top 10 countries likely to witness highest salary hike next year. A survey conducted by Workforce Consultancy ECA International says that salary hike will continue to decline significantly in 2023 in the wake of rising inflation.

ECA's Salary Trends Survey was conducted based on data collected from more than 360 multinational companies in 68 countries. Europe was hit hardest by inflation, the average salary will decrease by 1.5 per cent there. Since the start of the survey in 2000, there has been a major setback for UK employees.

Inflation of 9.1 per cent led to a 5.6 per cent decline in salaries, despite a nominal increase. But in the US in 2023, a decrease in inflation will result in a one per cent pay increase. Of the 37 countries where the survey predicts salary hike, the first eight are Asian countries.

Top 10 Countries and salary increases

1. India 4.6%

2. Vietnam 4.0%

3. China 3.8%

4. Brazil 3.4%

5. Saudi Arabia 2.3%

6. Malaysia 2.2%

7. Cambodia 2.2%

8. Thailand 2.2%

9. Oman 2.0%

10. Russia 1.9%

The bottom five countries (value in negative)

1. Pakistan -9.9%

2. Ghana -11.9%

3. Turkey -14.4%

4. Sri Lanka -20.5%

5. Argentina -26.1%