Information Technology (IT) sector employees get the highest pay in India, with a median gross hourly salary of Rs 346.42, while those in the manufacturing sector get paid the least at Rs 254.04, says a report.
According to Monster Salary Index (MSI), the IT sector is the highest paying sector in India, but only 57.4 percent are satisfied with their salary.
The Banking, Financial Services, and Insurance (BFSI) sector comes in second, with a median hourly salary of Rs 300.23. The relatively higher remuneration reflects the workers’ high level of education with 16-17 years of schooling, the report noted.
The IT and BFSI sectors have always been among the highly paid in India but it is surprising that over 50 percent of employees in both these sectors are least satisfied with their salaries.Sanjay Modi, Managing Director of Monster India
Notwithstanding the government’s focus on the sector through its Make in India initiative, the manufacturing sector is paid the least, as employees in this segment are paid about 9 percent less than the median salary for the entire Indian economy taken together at Rs 279.7.
The findings for the manufacturing sector show that irrespective of the education level, the salaries are still very low even for a Master’s degree holder. The median hourly salary stands at Rs 260.8, according to the report.
Additionally, foreign-owned manufacturing companies pay nearly double what Indian manufacturing firms pay their workers.
Manufacturing must take off in a big way if India needs to grow exponentially and transform itself into an industrial economy. The findings of MSI prove that immediate measures are required to rectify the salary standards, especially since this sector is highly people intensive.Narendra Modi
The report further noted that in the BFSI space, small companies pay an hourly average salary of Rs 197.95/hr while large firms pay an hourly average salary of Rs 324.51/hr and bonuses are more common in the IT sector than in BFSI and manufacturing.
In a scenario where salary becomes one of the key factors to attract and retain employees, it is important for companies to very closely analyse the correlation between salaries and employee satisfaction.Narendra Modi
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