India Inc's combined salary and wage growth slows amid muted demand

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India Inc's combined salary and wage growth slows amid muted demand - Business Standard

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With a revenue growth slowdown hurting their margins and earnings, Indian companies seem to be seeking to rationalise their employee costs.

The combined salary & wage expenses of the country’s listed companies grew just 4.8 per cent in the January-March quarter of 2025 (Q4FY25) over a year earlier — in single digits for a fifth straight quarter, and the slowest rate in at least 17 quarters. For comparison, these companies’ combined salary & wage expenses had increased 6.1 per cent year-on-year in the same quarter of FY24 and 5.1 per cent in Q3FY25.