NEW DELHI: The times of double-digit salary increases in private companies have long gone, and maybe for good. The reason? Maturity of pay increase budgets. According to a survey by Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, the past decade has seen pay increases mature after a spurt and then stabilisation when salaries dipped from high double digits to low double digits and finally to single digits.From 2007 to 2011, pay increases were in double digits (2007: 15.1%, 2008: 13.3%, 2010: 11.7% and 2011:12.6%). From 2012 to 2016, pay increases stabilised to low double digits (2012: 10.7%, 2013:10.2%, 2014: 10.4%, 2015:10.4% and 2016:10.2%). 2017 onwards, pay increases have been maturing to single digits (2017:9.3%, 2018: 9.5%, and 2019: 9.7% projection)."Salary increases have remained broadly stable over the last three years. A trend that has quietly but clearly emerged is the coming of age of India’s corporates, when it comes to managing compensation budgets. If personified through the above life line, the stages of youth, stability and maturity are very clearly visible for India Inc. in this trend line," says the 23rd Edition of Aon’s Salary Increase Survey.The survey says the number of sectors projecting a double-digit increment have come down over the years. Only five sectors — Consumer Internet Companies, Professional Services, Life Sciences, Automotive and Consumer Products — project a double-digit increment for 2019.The survey analysed data across 1000+ companies from more than 20 industries. It says companies in India gave an average pay increase of 9.5% during 2018, reflecting improved business sentiment compared to 2017. "The projections for 2019 are stable yet favourable at 9.7% as companies expect a positive economic outlook backed by high economic growth expectation, high domestic demand and low inflation. A decline in voluntary attrition and controlled incremental hiring continue to keep the sentiment mild," says the survey.The survey finds that pay increases in manufacturing and services sectors have begun to converge, with manufacturing catching up with services. "From 2001 to 2007, the services sector has observed higher salary increases (given the boom in sectors like IT/ITES, Banking, but post 2008-09 manufacturing sector has gained the lead and has consistently given higher increments given the high industrial growth 2016 onwards, the divide has been smaller and the margin between the two sectors has reduced considerably to under 1 percent on an average," it says.