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News Destination For The Global Indian Community

News Destination For The Global Indian Community

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Bankers In India Gets Higher Salary Increases Than Singapore, Hong Kong

Bankers In India Gets Higher Salary Increases Than Singapore, Hong Kong

Finance professionals in India are poised to receive larger salary increases compared to their counterparts in Hong Kong and Singapore in 2024, reflecting the country's robust economic growth amid China's slowdown, as reported by Bloomberg Intelligence. According to analyst Sarah Jane Mahmud, salaries in India are expected to rise by 10% this year based on survey data from consulting firm Aon, while the increases in Hong Kong and Singapore are projected at 4%.

Major financial institutions like HSBC Holdings Plc, Julius Baer Group Ltd., Mitsubishi UFJ Financial Group Inc., and DBS Group Holdings Ltd. are expanding their operations in India to tap into the nation's growing wealth market. Investment bankers in Indian urban centers such as Mumbai and GIFT city already earn higher salaries than their counterparts in Singapore and Hong Kong, with average base salaries exceeding those in the financial hubs by 4.5% and 7.7%, respectively, according to Bloomberg Intelligence's analysis of data from recruiter Michael Page. However, private bankers in non-executive roles still face a pay gap of 50% to 78%, which is expected to narrow as India's wealth industry continues to expand.

Amit Agarwal, managing partner at search firm Stanton Chase, noted that salaries for senior-level positions, especially in compliance, risk assessment, and technology, are rising due to high demand and limited supply. Banks are also offering competitive salaries exceeding $1 million for senior leadership roles. Despite India's higher income tax rates and infrastructure challenges compared to Singapore and Hong Kong, the lower cost of living in Indian cities like Mumbai's upscale Bandra area makes it an attractive destination for finance professionals.

In summary, India's finance sector is witnessing significant salary growth, particularly for senior roles, driven by increasing demand and favorable living costs compared to major financial hubs like Singapore and Hong Kong. This trend is expected to continue as financial institutions expand their presence in India's thriving market.

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Bankers In India Gets Higher Salary Increases Than Singapore, Hong Kong

Bankers In India Gets Higher Salary Increases Than Singapore, Hong Kong

Finance professionals in India are poised to receive larger salary increases compared to their counterparts in Hong Kong and Singapore in 2024, reflecting the country's robust economic growth amid China's slowdown, as reported by Bloomberg Intelligence. According to analyst Sarah Jane Mahmud, salaries in India are expected to rise by 10% this year based on survey data from consulting firm Aon, while the increases in Hong Kong and Singapore are projected at 4%.

Major financial institutions like HSBC Holdings Plc, Julius Baer Group Ltd., Mitsubishi UFJ Financial Group Inc., and DBS Group Holdings Ltd. are expanding their operations in India to tap into the nation's growing wealth market. Investment bankers in Indian urban centers such as Mumbai and GIFT city already earn higher salaries than their counterparts in Singapore and Hong Kong, with average base salaries exceeding those in the financial hubs by 4.5% and 7.7%, respectively, according to Bloomberg Intelligence's analysis of data from recruiter Michael Page. However, private bankers in non-executive roles still face a pay gap of 50% to 78%, which is expected to narrow as India's wealth industry continues to expand.

Amit Agarwal, managing partner at search firm Stanton Chase, noted that salaries for senior-level positions, especially in compliance, risk assessment, and technology, are rising due to high demand and limited supply. Banks are also offering competitive salaries exceeding $1 million for senior leadership roles. Despite India's higher income tax rates and infrastructure challenges compared to Singapore and Hong Kong, the lower cost of living in Indian cities like Mumbai's upscale Bandra area makes it an attractive destination for finance professionals.

In summary, India's finance sector is witnessing significant salary growth, particularly for senior roles, driven by increasing demand and favorable living costs compared to major financial hubs like Singapore and Hong Kong. This trend is expected to continue as financial institutions expand their presence in India's thriving market.

 
 
 
 

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