Surging inflation is expected to dent the hiring prospects in India, industry experts said, according to the Press Trust of India Tuesday.
"Due to rising inflation there would be negative impact on financial sector, manufacturing sector and the overall job market," global staffing services firm Manpower India Managing Director Naresh Malhan said.
Moreover, any hike in salaries would not be that much beneficial for employees as the increase would largely be eroded by the rising prices of commonly used items, experts said.
"The country is projected to witness an average increase in salary bills of around 12-13 percent," global HR services firm Hay Group's Practice Leader Mark Thompson said, adding "if inflation is taken into account, this still represents quite a reduction in the cost of labor in real terms compared to last year."
The wholesale price-based inflation spurted to 11.05 percent for the week ended June 7 in India.
Industry experts believed that high crude oil prices and rising inflation levels would reduce growth rates in India and therefore would lead to less hiring this year.
Source: Xinhua
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