According to a research by Hay Group division of Korn Ferry, the 10.3 percent pay rise across sectors represents a slight dip against an actual average salary increase of 10.4 percent across India Inc last year.

The research further noted that the pay-for-performance trend has continued to gain importance, with the pay-outs being widely influenced by both individual and the company performance.

The report noted that companies are now making a sharp differentiation between high, average and low performers.

While, retail and oil&gas companies rolled out the highest annual short term variable pay (14.1 percent and 13.9 percent, respectively), other industries like FMCG, chemicals and industrial goods sectors doled out average variable pay-outs of 11.7 percent.

Meanwhile, the typical hiring salary for a graduate with a bachelor's degree on an average is Rs 3,50,000. The figure for a graduate with a Master's degree is Rs 4,50,000.

In terms of the overall salary structure, the proportion of benefits and allowances is increasing year after year, with the proportion of benefits being especially high at the senior levels.

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