Tuesday, April 8, 2008

Indian finance executives get highest pay hike in Asia

India Inc has topped among its Asian counterparts when it comes to the monetary measures taken for retaining the right talent while doling out highest salary hikes to its finance executives across the region.

According to the CFO Asia magazine's latest compensation survey, Chief Financial Officers and other finance executives in India got the highest pay hikes in Asia in 2007, while beating out those in places like Singapore, Hong Kong and China.

While CFOs in India got a hike of 25 per cent in their salaries last year, that for financial controllers, treasurers and other second-tier finance executives rose by 28 per cent in the country.

This compared with 14 per cent hike in China, 11 per cent in Hong Kong, 14 per cent in Indonesia, 19 per cent in Malaysia, 10 per cent in Singapore and an Asia average of 16 per cent for CFOs.

For controllers, the second highest hike after India was seen in China at 13 per cent, followed by 12 per cent in Malaysia, 11 per cent in Indonesia, nine per cent in Singapore and five per cent in Hong Kong, resulting into an Asia average of 15 per cent.

In terms of actual base salary, the CFOs in India were paid an average of $92,206, third highest after Hong Kong and Singapore, but higher than the Asia average of $59,846.

The average CFO salary in China was less than half of India at $41,990. For second-tier finance jobs, the average salary in India stood at $39,888 -- fifth highest after Hong Kong, Singapore, Malaysia and Indonesia.


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