Companies in matured economies are scrapping annual wage reviews because most employees are disappointed by meagre increase in wages. As Indian economy gets more matured (few firms having large marketshare in an industry) employees bargaining power is only going to erode.
The next industry in India where employees will loose bargaining power is Financial services mainly Mutual fund, insurance companies and advisory business.There is technological disruption on one side which alone would have been easy to adopt without big job losses but on other hand the ever changing regulatory framework is aimed at consolidating the industry driving out the marginal players.
Below table from oxford economics enumerate “Many global factors which will hold down global wages”
