India’s Salary Hike Slows Down

Economic Times reports:

* The average pay hike at Oracle India as well as Oracle subsidiary i-Flex solutions is down to nearly 7-8%, dipping to 5% in some cases. The average salary hike at Oracle India last year was 12-14%.

* IBM India is attacking fringe benefits offered to its middle management — it has withdrawn the free-housing (on lease) facility recently.

* TCS has said its wage increases this fiscal will be in the range of 8-10%, against 13-15% last year.

* Wipro, too, is likely to go for an 8-10% hike this financial year, compared with 12-13% in 2007-08.

* Infosys’ offshore employees will get 11-13% wage hike this year, against 12-15% last year.

* ICICI, the country’s largest private bank, said it would not announce any annual promotions and large bonuses this year.